Anglo American’s New Chairman Has a History of Leading Takeovers – by Thomas Biesheuvel (Bloomberg News – June 7, 2017)

The century-old mining giant Anglo American Plc named Stuart Chambers as its new chairman less than a year after he steered U.K. chipmaker ARM Holdings Plc through a $32 billion takeover.

Chambers, a former chairman at ARM and Rexam Plc, will join Anglo’s board in September and take over the post in November, the company said in a statement Wednesday. The 61-year-old is replacing John Parker, who said he was standing down earlier this year.

The new chairman will join as Anglo seeks to build on a recovery following a raw-materials downturn that hurt most of the mining industry. The company’s shares slumped to a record low in London in early 2016 on concerns about its debt position. Chief Executive Officer Mark Cutifani announced a plan to radically shrink the company through asset sales, but reversed the strategy this year after recovering commodity prices revived profits.

Anglo rose 1.4 percent to 1,059.50 pence by 9:20 a.m. in London. SoftBank Group Corp. bought Cambridge, England-based chip designer ARM last year in its biggest ever deal. Rexam, a packaging and tincan maker, was bought by U.S. company Ball Corp. for 4.4 billion pounds ($5.7 billion) in 2016.

“The one noteworthy fact of his appointment is that both companies he previously chaired ended up getting sold,” said Ben Davis, an analyst at Liberum Capital Ltd. in London.

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