Anglo alternatives: all to play for

Drumming up an auction for Anglo American might be harder than it seems. The South African miner’s rejection of Xstrata’s “unacceptable” $70bn proposed merger of equals implicitly demanded a deal on better terms. But Anglo’s chances of coaxing its Swiss-domiciled rival into offering a fat premium would be improved if it could attract a white knight bidder. Brazil’s Vale or a Chinese government-backed buyer, like Chinalco, are the obvious alternative suitors. Both are resource-hungry and have de...