INTERVIEW: JOHN CLEMMOW [MINING ANALYST FERGUSON BROTHERS] re: Anglo-American selling non-core businesses EXTERIORS OF ANGLOVAAL, SOUTHERN LIFE & FIRST NATIONAL BANK BUILDINGS
Record ID:
893614
INTERVIEW: JOHN CLEMMOW [MINING ANALYST FERGUSON BROTHERS] re: Anglo-American selling non-core businesses EXTERIORS OF ANGLOVAAL, SOUTHERN LIFE & FIRST NATIONAL BANK BUILDINGS
- Title: INTERVIEW: JOHN CLEMMOW [MINING ANALYST FERGUSON BROTHERS] re: Anglo-American selling non-core businesses EXTERIORS OF ANGLOVAAL, SOUTHERN LIFE & FIRST NATIONAL BANK BUILDINGS
- Date: 9th October 1996
- Summary: INTERVIEW: JOHN CLEMMOW [MINING ANALYST FERGUSON BROTHERS] re: Anglo-American selling non-core businesses EXTERIORS OF ANGLOVAAL, SOUTHERN LIFE & FIRST NATIONAL BANK BUILDINGS
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- City: JOHANNESBURG
- Country: South Africa
- Reuters ID: 96OCT09R01
- Story Text:INTERVIEW: JOHN CLEMMOW [MINING ANALYST: FERGUSON BROTHERS] re: Possibility of Anglo-American selling non-core businesses [such as First National Bank & Southern Life] & focusing on core operations
01.27.38 ...the big question of course is, when exchange controls go? And that may not happen for a long time.
01.27.48 SHOULD ANGLO WANT TO GET RID OF OTHER BUSINESSES IN SA - WHAT WOULD THEY LOOK AT, BREWERIES, FIRST NATIONAL BANK? ...Angol-America started off as a mining company and I still feel that Angol sees itself as principly a resource company - therefore any assest disposals are likely to be in those areas which they feel are non-resouce based and the obvious ones would be things such as First National Bank...City Bank has been mentioned and Southern Life.
01.28.22 Anglo didn't get into those businesses because it liked them, it bought into them because it had the cash when the Apartheid regime was causing a flood of divestment from the country.
01.28.38 HOW BIG A STAKE WILL ANGLO ACTUALLY SELL? We feel that Anglo is open for offers for what it calls non-core businesses - that means make them an offer...they are up for sale if the price is right...
01.29.15 ...when one talks about Anglo-American you're talking of just one leg of the Anglo group empire...specifically Anglo-American has seen itself as a role in Africa. Within Africa there have already been a substantial relaxation of foreign exchange controls. Anglo has many large projects in the resource industry in Zaire, Zambia & Mali...which do require heavy capital expenditure and the sale of non-core assets in SA can easily generate cash to develop these properties...
01.30.03 The question of foreign exchange controls for Anglo is mute. Anglo is a best better position than any of the other SA companies in that it already has a lot of money overseas, but Anglodo not wish to be trapped in a hot-house economy, bound in by exchange controls...Anglo-American is big and ugly enough to survive any kind of restriction...
01.30.43 Enpowerment is obviously an issue in SA...and Anglo has publicly stated that the sale of JCI Mining interests will also go to an enpowerment corporation. Is it a necessary condition for other asset sales? Probably not but I would not think in the current political climate in SA, one could do a major transaction
without some element if I can call it, indiginisation...
01.31.20 If Anglo were to proceed on a process of rasionalising & focusing & going back to its roots, I think we would tend to find a group that had more ??? earnings than it does at the moment, a group that had a broader international exposure than it does at the moment and it's a question of whether investors would find that attractive...
01.31.50 ...the trend internationally is, that foreign investors like to see focus on what is believed to be competecy...a re-focus of Anglo onto its core businesses, would be positive for the share??
01.32.11 SET-UP SHOTS
01.32.41 EXTERIOR BUILDING
01.33.21 EXTERIOR SIGN FIRST NATIONAL BANK
01.33.44 EXTERIOR SOUTHERN LIFE BUILDING
01.35.33 EXTERIOR ANGLOVAAL HOUSE - Copyright Holder: REUTERS