According to a Dow Jones report quoting the Financial Times, Shenhua was close to reaching an agreement with Anglo American following discussions with a number of international mining groups believed to include Rio Tinto and BHP Billiton.
The Anglo stake was believed to be worth as little as $US100 million, with the diversified major to acquire the shares at the price set for the Shenhua IPO – likely to be next month.
Another media report (by Financial Gates) said Shenhua made a profit of $US1.1 billion in 2004 and was planning a $US3 billion IPO.
