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Anglo chairman slams merger

Anglo American chairman Sir John Parker yesterday slammed rival Xstrata’s plan to force a £40bn merger. Parker, who will succeed Mark Moody-Stuart as chairman of London-based Anglo on 1 August, said the merger proposed by rival mining company Xstrata Plc has a “clear value gap” and is a “great distraction” to management. “What looks good on a spreadsheet has also got to be examined in the light of cultural differences and management philosophy,” Parker said.