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Anglo to snap up Sirius for £405m

Anglo to snap up Sirius for £405m

Anglo American (AAL) has formally made an all-cash takeover bid for Sirius Minerals (SXX)* at 5.5p. The offer - valuing the company at £405m - leaves many shareholders in the red after Sirius’ dramatic fall in value since August 2019, when it paused and then later pulled a $500m (£385m) bond offering that would have unlocked a $2.5bn loan from JP Morgan Cazenove. Now, Sirius says it would likely collapse “in weeks” if shareholders do not accept the 5.5p offer. 

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