Codelco Sues Mitsubishi Over $5B Anglo American Sale

Law360, New York (November 30, 2011, 10:40 PM EST) -- Chilean state-owned copper company Codelco said Wednesday that it is taking legal action against Mitsubishi Corp. to lay the groundwork for blocking the company's $5.39 billion purchase of Chilean copper assets from U.K.-based mining company Anglo American PLC.

Anglo American announced Nov. 9 that it was selling a 24.5 percent interest in Anglo American Sur SA's assets, including two copper mines and a copper smelter, to Mitsubishi — despite the fact that Codelco holds an option agreement that allows it to purchase a 49 percent stake...
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