FILE PHOTO: The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo/File Photo
(Reuters) – Activist fund Elliott has built up a $1 billion position in Anglo American shares, according to a person with knowledge of the situation.
Elliott’s stake build-up will make it one of the miner’s top 10 shareholders, according to LSEG data.
Bloomberg News first reported the stake, citing people with knowledge of the matter.
Anglo American declined to comment.
The company rejected rival miner BHP Group’s 31.1 billion pound ($39 billion) takeover proposal on Friday, saying the bid significantly undervalued the London-listed miner and its future prospects.
Investors and analysts have also dismissed BHP’s offer as opportunistic. Shares in Anglo were up 4.4% as of 1230 GMT.
(This story has been refiled to correct the name of the activist fund in paragraph 2)
(Reporting by Anousha Sakoui in London and Prerna Bedi in Bengaluru; Editing by Shounak Dasgupta and Devika Syamnath)
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