Anglo-American corporation on the move: an assessment of AAC's decision to shift its primary listing to London

Abstract

Anglo American Corporation also known as Anglo was founded by Ernest Oppenheimer in 1917 by consolidating smaller mining companies to better exploit diamonds and gold deposits in South Africa. From its early days, Anglo played a critical role in the development of the South African economy. At its height, it owned manufacturing companies, financial houses, mining companies, industrial companies and car assembly companies. In 1999, Anglo transferred its primary stock to the London Stock Exchange (LSE) four years after the end of apartheid. Following its move to London, Anglo sold its significant assets in South Africa at the same time purchasing more assets abroad. This paper focuses on Anglo’s reasons to shift its primary stock from the Johannesburg Stock Exchange (JSE) to the London stock exchange.