TALK OF TAKEOVER has long swirled around 107-year-old Anglo American, once among the biggest mining companies in the world. On April 25th speculation turned to specifics when BHP, the $140bn behemoth that is today top of the pile by market value, offered to buy its diminished rival (minus Anglo’s South African business) for $39bn. It then emerged that Elliott Management, an activist hedge-fund known for picking apart lumbering giants to unearth buried value, had amassed $1bn-worth of Anglo shares, giving it a 2.5% stake. In the following days it raised this slightly, perhaps counting on other suitors to come in and bid up the price.
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