Chilean Court Backs Codelco, Freezes Anglo Stake

Chilean Court Backs Codelco, Freezes Anglo Stake

Chile Japan Europe M&A

A Chilean court on Tuesday issued an order to prevent global miner Anglo American from selling its remaining 75.5% stake in the Anglo Sur copper mining complex, following a controversial sale to Japan’s Mitsubishi. Anglo struck a $5.39bn deal last week to sell a 24.5% stake to Mitsubishi in an attempt to sidestep an option to sell a full 49% share to state-owned Codelco at a cheaper price in January 2012. The sale to Mitsubishi represents a multiple of 18.1x 2010 Ebitda, far higher than the 10.2

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