–
Goldman Sachs and UBS may be replaced as advisers to AngloGold, the world’s third largest miner, after the company was forced to cancel plans for a $2.1 billion deal to split its South African business from its international segment, according to Business Report. While John Paulson encouraged the sale of assets, he took exception to the way it was planned and felt the sale would be dilutive. Goldman Sachs and UBS enabled AngloGold to sell its Anglo American assets in 2006 and 2007.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
Paulson & Company holds a 6.6% stake in the company. Paulson objected to the size and scale of the deal and commented, “The concept is good, but the execution, the way they are doing it with this massive dilutive equity offering, it’s value destructive.” AngloGold has a market cap of $4.2 billion, and management wanted to sell its assets to pay off debt.
