Anglo to sell coking coal arm for £4.75bn in bid to convince investors shake-up is working

Quick sale: Anglo American wants to offload its coking coal business for £4.75bn

Anglo American is eyeing the quick sale of its coking coal business as it seeks to convince investors its radical shake-up is working.

The London-listed mining giant, which has turned down two bids from BHP worth £31billion and £34billion, this week unveiled plans to break up the company to fend off takeover interest.

The Mail understands it believes it will strike a deal to sell the coking coal arm for up to £4.75billion, having already received interest.

Glencore is said to be a potential buyer. Bosses hope a rapid sale will convince shareholders they are the right people to take Anglo forward amid interest from BHP.

It also plans to spin off its diamond business De Beers – possibly via a stock market listing in London – and its South African platinum arm.

But BHP boss Mike Henry is holding talks with Anglo shareholders as he tries to take control. 

He has met both BHP and Anglo investors at an industry conference, in Miami to drum up support by talking up the merits of BHP’s offer.

BHP has until May 22 to sweeten its offer, make a hostile bid or walk away for at least six months.

Henry has told Anglo shareholders that they must decide ‘which team they believe is more capable and has a better track record of execution.’

‘At the end of the day, it’s going to be up to shareholders,’ the Canadian businessman said.

‘They have to look at the plans, decide which one they believe is going to create the greatest value soonest. And they have to make a determination as to the likelihood of execution of those plans.’