London, January 14, 2026, 08:39 GMT — Regular session
Anglo American AAL.L shares nudged up in early London trade Wednesday following a disclosure that Norges Bank boosted its stake beyond a key reporting level. By 0804 GMT, the stock was trading 0.7% higher at 3,242 pence, slipping slightly from its 3,249 pence open and fluctuating between 3,234 and 3,264 pence.
Norges Bank raised its voting rights stake to 3.003520%, up from 2.995730%, according to a TR-1 filing. This form is triggered when investors surpass key thresholds, beginning at 3% for companies listed in the UK.
The move isn’t massive by itself, but it comes at a volatile moment for major miners. Investors are scrutinizing share registers as copper influences valuations, fueling ongoing speculation about potential buyers or takeover targets.
BHP has been in the spotlight. The miner plans to hold back while Rio Tinto and Glencore discuss a takeover, two sources told Reuters. For now, BHP isn’t preparing a competing offer. Those familiar with the situation say BHP views Anglo’s copper division as better than Glencore’s.
Copper prices remain high. On Wednesday, the London Metal Exchange’s three-month copper price, set with a one-day delay, closed at $13,164 a tonne, holding firm above the $13,000 level that’s reshaping industry expectations.
Demand narratives have also shaped that outlook. “The core driver is the electrification of the world, and copper is the metal of electrification,” S&P vice chairman Dan Yergin told Reuters in a recent interview.
For Anglo, another key milestone is its planned merger with Teck Resources. EU regulators have placed the deal on a simplified review path, with decisions expected by Feb. 3 under the bloc’s foreign subsidies rule and Feb. 10 on antitrust, Reuters reported, citing a European Commission filing.
That register notice doesn’t guarantee new buying interest, though. Traders will be watching to see if the early gains stick around. If copper slips or the deal talks shift again, the shares could fall back just as fast.
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