UPDATE 4-Anglo names chairman to lead Xstrata defence

Fri Jul 10, 2009 12:22pm BST
 
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* John Parker joins board; to become chairman Aug. 1

* Steps down as co-chair of Mondi, stays chair of Natl Grid

* To bring a strong drive towards shareholder value -analyst

* S.African govt. welcomes appointment

* Anglo shares down 0.4 pct, outperforms mining sector

(Adds S.African govt response, more analyst comment)

By Eric Onstad

LONDON, July 10 (Reuters) - Anglo American Plc (AAL.L) (AGLJ.J) appointed veteran industrialist John Parker as chairman on Friday, moving to bolster its leadership as it seeks to fend off an unwanted "merger of equals" proposal by rival Xstrata Plc (XTA.L).

Analysts said 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.  Continued...

 

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