London-based hedge fund Odey Asset Management said it would oppose Anglo American’s bid to acquire a huge fertiliser project from Sirius Minerals at 5.5p a share, saying the terms do not represent fair value.
The asset under a national park in North Yorkshire is Britain’s biggest mining project and has political resonance as the government works to create more jobs in the economically-disadvantaged north of the country.
Its future was in jeopardy until major miner Anglo American made its bid for the project whose viability some analysts have questioned, but Odey said Anglo’s offer was too low.
In an open letter, Odey, which held a 1.29% economic interest in Sirius as of February 18, said it would vote in favour of any bid at 7p a share or above.