Chinese tycoon buys Anglo stake

Anglo American is the world's third-largest mining firm

South Africa's powerful Oppenheimer family has sold a third of its shareholding in mining giant Anglo American to Chinese tycoon Larry Yung.

The sale of the 1.13% stake by the company's founding family was estimated to be worth £424m ($806m).

Mr Yung, who is among China's richest men, is chairman of Hong Kong-based conglomerate CITIC Pacific.

China is keen to boost its presence in resource and mineral-rich Africa as it looks to fuel its booming economy.

Last week, the Chinese government hosted a summit in Beijing with 48 African leaders aimed at increasing economic and political ties between the sides.

Analysts said the Oppenheimer family's decision to sell a third of its stake in Anglo American could revive takeover speculation in the world's third-largest mining company.

Anglo recently appointed US businesswoman Cynthia Carroll as its new chief executive.

Shares in London-listed Anglo were down more than 2.5% in late trading on the London Stock Exchange.