Chairman of London-listed company Vedanta Resources Plc, Anil Agarwal, announced late Wednesday night his intention of picking up a stake worth US$ 2.4 billion in Anglo American Plc.

The announcement was made by Agarwal’s family trust investment company and read:    

 "Volcan Investments Ltd announces that it intends to make an investment in Anglo American plc shares of up to 2 billion pounds.” 

Mining industry analysts estimate that this will give Agarwal a roughly 13% share in  Anglo American; and make him the second largest shareholder in the Company after South Africa's Public Investment Corp.

About a year ago, the Indian mining billionaire had sought a merger of one of his companies under the Vedanta Resources Group with Anglo American – an offer which was rejected.  

 Volcan said  that the current purchase of shares  did not represent a  hostile bid, but was merely a personal family investment. 

Agarwal commented to the media: “This is an attractive investment for our family trust. Anglo American Plc is a great company with excellent assets and a strong board and management team who are executing a focused strategy to drive shareholder value. I am delighted to become a shareholder in Anglo American Plc.”