Gilbertson sets sights on Anglo American

BRIAN GILBERTSON, the incoming chairman of RusAl, the world’s largest aluminium producer, has told his fellow board members that he intends to engineer a reverse takeover of Anglo American, The Times has learnt.

His strategy is to create a diversified mining company in the mould of BHP Billiton, which Mr Gilbertson was instrumental in creating in 2001.

RusAl is in the process of merging with its Russian rival, Sual, which is headed by Mr Gilbertson, and Glencore. This will create a company with a market capitalisation of about $30 billion (£16 billion) but Mr Gilbertson has ambitions to grow even larger by taking over Anglo, the third-largest mining group.

Sources in Moscow have told The Times that Mr Gilbertson is stepping up RusAl’s expansion plans and is targeting Anglo American for a bid next year.

RusAl is understood to have a borrowing capacity of at least $15 billion and will use this to reverse into Anglo, giving RusAl the listing on the London Stock Exchange that the company is seeking. Mr Gilbertson did something similar when he merged the smaller Billiton with BHP and then took management control.

If he is successful a second time the combined Anglo-RusAl would have a market capitalisation of more than £50 billion and become one of the ten largest companies listed in the UK.

Moscow is buzzing with rumours that Mr Gilbertson is manoeuvring his closest lieutenants into top jobs during the RusAl-Sual-Glencore integration.

He is also thought to have started sounding out high-profile executives in the mining industry about joining RusAl next year, including BHP executive director Miklos Salaman, who retires next week. Another possible Gilbertson ally is David Munro, the former BHP executive and Kazakhmys director.

One source said: “He is acting more like an executive chairman than a non-executive and he is putting people in place so he can control RusAl. His aim is to complete the integration of RusAl and Sual and go after Anglo American.”

Mr Gilbertson was unavailable for comment yesterday.

Anglo American has been the source of much speculation in the mining sector this year as it has been eclipsed by its booming rivals, BHP and Rio Tinto. The company has been divesting non-core assets and will seek an initial public offering for its paper and packaging division, Mondi, this year.

Shareholders are also understood to be pushing the company to sell its 51 per cent in AngloGold Ashanti. Disgruntlement among shareholders has led to speculation that they would welcome a takeover approach. Rio Tinto, BHP and Xstrata are other possible suitors.