Shares in Anglo American plc, the world`s second largest miner, are little changed in trading Monday after initially rising on speculation that it could be a target for OAO Russian Aluminium (Rusal) - the third largest aluminium producer in the world.
The stock price in London initially rose on the news hitting a day`s high of £24.63/share at the opening bell before falling to £23.99/share - down 0.5% for the session.
A report by the London Times said Brian Gilbertson, who will become chairman of Rusal after it takes over OAO Sual Group, will make a bid for Anglo American and create a company worth £50 billion - although in a later report by Bloomberg he described the claim as "fiction".
"If Rusal does make a bid, rest assured that other miners will have a look," said WayneMcCurrie,a fund manager at Advantage Asset Management in Johannesburg quoted by Bloomberg."While this announcement is still unconfirmed as yet, the possibility exists".
Other investors, however, were less sure. Bloomberg quoted Matt Brenzel from the Cape Town-based African Harvest Fund Managers saying, "There is no natural fit. If you had to put odds on this happening, it would be very low."
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