ANGLO AMERICAN plc has appointed Northern Ireland-born veteran industrialist John Parker as chairman, moving to bolster its leadership as it seeks to fend off an unwanted “merger of equals” proposal by rival Xstrata plc.
Analysts said Mr Parker was a strong choice given his management and merger experience, noting that, although he made no mention of Xstrata, his first comments reiterated Anglo’s arguments that it has strong prospects as a stand-alone group.
From a framing background, Parker studied naval architecture and mechanical engineering at the College of Technology and Queen’s University in Belfast and joined the design team at Belfast shipbuilders Harland Wolff in 1964.
RBS analyst Tim Huff said yesterday’s appointment was a “huge positive strategically”.
He noted: “For Anglo shareholders, there will be a strong drive towards shareholder value, the delivery of which will in itself determine whether Anglo and Xstrata will go for a nil-premium merger.”
Michael Rawlinson, at Liberum Capital, said the appointment may still lead to talks with Xstrata or another suitor, but Mr Parker would first want several months to assess the group. “Having sold many companies, he has a very strong track record in corporate action . . . His appointment will be taken positively by UK institutions since he will not be cowed into adopting a pre-existing strategy or be bullied into a deal.”
Anglo, which owns the world’s biggest platinum producer, said yesterday Mr Parker would join the board immediately and take up the post held by retiring Mark Moody-Stuarton on August 1st.
Mr Parker is chairman of British energy network provider National Grid plc. – Copyright The Financial Times Limited 2009
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