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Miner Anglo to sell Tarmac

LONDON
Fri Aug 3, 2007 7:57am EDT

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Tarmac employees in an undated photo. Anglo American put its Tarmac road-building business up for sale on Friday as it met forecasts with a 22 percent rise in first-half earnings and pledged to return a further $4 billion to shareholders. REUTERS/Vismedia

LONDON (Reuters) - Miner Anglo American (AAL.L) unveiled plans to sell Tarmac, its UK-based road building unit, as it met forecasts with a 22 percent rise in first-half earnings and announced a further $4 billion share buyback.

Deals

The sale, which analysts believe could raise around $6 billion, is the latest move by Anglo aimed at focusing on its core mining business following bouts of underperformance against its peers and speculation it might attract a break-up bid.

The copper, platinum and gold specialist said on Friday it made underlying earnings of $3.1 billion in the six months to June 30, broadly in line with analysts' average forecast of $3.2 billion, according to Reuters Estimates, and said the outlook for most of its metals and minerals remained positive.
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