Elliot Management Takes Nearly $1 Bln Stake In Anglo American- Bloomberg

(RTTNews) - Elliot Management has built approximately $1 billion stake in mining company Anglo American (AAL.L, AAUKY.PK) over recent months, according to a report by Bloomberg.

The report said that the investment makes Elliot one of the largest shareholders of Anglo American.

The news comes after the mining company rejected BHP Group Ltd.'s (BHP) $39 billion takeover proposal, arguing that the offer "significantly undervalues Anglo American and its future prospects."

Anglo American Chairman Stuart Chambers stated in the company's rejection that copper represented "30 percent of Anglo American's total production, and with the benefit of well-sequenced and value-accretive growth options in copper and other structurally attractive products," ensuring more value creation for shareholders in the upcoming years.

Currently, Anglo American's stock is climbing 3.57 percent, to 2,651 pounds over the previous close of 2,560 on the London Stock Exchange