Activist Elliott builds US$1bil Anglo American stake

Taking a hit: Workers make their way to the Anglo American Platinum Ltd smelter in Rustenburg, South Africa. In February, Anglo American Plc reported a steep drop in profit on the back of falling demand for diamonds and platinum group metals. — Bloomberg

LONDON: Elliott Investment Management has built a roughly US$1bil stake in Anglo American Plc while betting against the stock of BHP Group Ltd, the Australian miner that’s made an unsolicited takeover approach to Anglo American.

The activist hedge fund led by Paul Singer has exposure to almost 33.6 million Anglo American shares via derivatives, according to a UK regulatory filing that confirmed a report by Bloomberg News.