That’s John not Hank, of course. And the scourge of the banking industry has just made a big bet on the yellow metal.
This statement was released by Anglo American on Tuesday afternoon. (emphasis ours)
Anglo American announces the sale of its remaining 11.3% shareholding (39,911,282 shares) in AngloGold Ashanti Limited to investment funds managed by Paulson & Co Inc for $32.00 per share in cash, generating proceeds of $1.28 billion. The proceeds will be used for general corporate purposes. Consistent with Anglo American’s stated intention to dispose of this non-core holding, Anglo American no longer owns any shares in AngloGold Ashanti.
Here’s AngloGold’s chief executive Mark Cutifani on Paulson’s investment. (emphasis ours).
“Following Anglo American’s final selldown I’d like to welcome Paulson & Co. as one of AngloGold Ashanti’s largest shareholders. As the world deals with the global economic crisis the value of gold, as the only true “hard currency”, is coming to the fore as evidenced by the investment choices of some of the world’s most seasoned investors,’’ AngloGold Ashanti Ltd. Chief Executive Officer Mark Cutifani said. “We’re extremely pleased that someone with John Paulson’s track record and reputation has chosen AngloGold Ashanti as one of his investments through which to increase his exposure to the gold market. The Anglo American share overhang, with its depressing effect on our share price, has now gone and I’m excited about the opportunities that lie ahead for us.’’