Anglo American (AAUK) Higher on Reports of Possible Takeover Approach

Shares of Anglo American plc (Nasdaq: AAUK) are higher today on a weekend report from UK paper, The Observer, that the miner could be the target of an $80 billion break-up bid from rivals Rio Tinto plc (RTP), Xstrata Plc, and Companhia Vale do Rio Doce (NYSE: RIO).

The paper said the companies, which are flush with cash due to the commodity boom, have hired financial adviors to look at the possible bid.

Shares of Anglo American are 3.2% higher to $23.34 in mid-day action.