It once looked like Anil Agarwal could shake up the mining industry by amassing the biggest stake in Anglo American. But in the end the Indian tycoon’s lack of financial firepower forced him to unwind his investment. For two years, Agarwal kept insiders and Anglo executives guessing about why the billionaire decided to take a position in the London mining giant. The deal – structured in a complex way as to giving voting rights but not much exposure to the shares – seemed to make sense only if Agarwal planned to push for a major change, like a takeover or breakup.
