Mining investors read Reuters
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MINING INVESTORS READ REUTERS
Traders have obviously been reading a Reuters report, citing sources, that commodities group Glencore GLEN.L is studying an approach for rival Anglo American AAL.L, as the possibility of a bidding war for the 107-year old mining company sent its shares up 3.3% to the top of the FTSE 100.
At the bottom of the index is Glencore, down 1.8%. Maybe a bidding war would be less good for them. The discussions are preliminary and internal, a source said. Anglo, last week, rejected a $39 billion all-stock proposal from the world's No. 1 miner BHP Group. BHP.AX
The drama was helping the FTSE100 to rise 0.3%, back near last month's all time highs.
Europe's broad STOXX 600 index was up 0.24%, with French banks drawing eyes, Societe Generale SOGN.PA is up 4.4% and Credit Agricole CAGR.PA 3.4% higher after their results. At the bottom of the rankings is German metals and mining firm Aurubis, NAFG.DE down 9% after UBS downgraded the stock to sell.
(Alun John)
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