Anglo American has agreed to pay $5.5 billion to acquire a stake of controlling stakeholder in two iron ore mines in Brazil.
Anglo American offered $5.5 billion for two iron ore mines from controlling shareholder of MMX Mineracao e Metalicos in Brazil. Anglo American with the acqusition will increase its capacity of seaborne iron ore to 150 million tons per annum by 2017. SAB Miller released its third quarter trading update. In London trading stocks fell on the ongoing global credit market malaise. UK housing stocks gained after JP Morgan and Morgan Stanley recommended the sector.
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