Chile president says will use ‘all available options’ against Anglo
Chile will draw on all options at its disposal, including suing for damages, to defend the interests of state-owned Codelco in its fight with Anglo American, President Sebastián Piñera told the Asia Pacific Economic Cooperation Forum on Saturday.
Earlier Codelco's chief Diego Hernandez said in a press interview the looming legal battle with Anglo could take three to four years to be resolved. The state-owned copper giant is putting together a crack team of lawyers and financial advisers from Chile and New York to fight Anglo's attempt to block it from exercising an option to buy half of Anglo's Chilean copper assets for $6 billion. Anglo last week sold 24.5% to Mitsubishi for $5.4 billion.