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Most of the subsidiaries of Anglo American Corporation of South Africa were pleased with the outcome of the reorganisation. Charter consolidated sold its 38.3% stake in Johnson Matthey for 342 million pounds sterling and a new company jointly owned by Johannesburg Consolidated Investment and Minorco acquired 20% of Johnson. Due to an information leak, however, Jeff Herbert, managing director of Charter, was forced to cancel or delay plans to completely sever ties with Anglo American.

Anglo American Corp has a major role in the South African economy, and will benefit from successful elections involving all races, held in 1994, and sees the end of apartheid as beneficial for the economy. Anglo accounts for some 25% of the stock exchange in Johannesburg, in addition to between 6% and 7% of the capital assets in S Africa. Anglo American feels less vulnerable to possible dismemberment by the govt since the African National Congress (ANC) has moved toward ideas which are more favorable to the business community, but the company is still concerned about self-presentation.

The process of modernization and restructuring at large South African countries has included mining, industrial and financial services conglomerate Anglo American. This company aims to establish an international presence in mining and to gain access to inexpensive capital for expansion. For this reason, it is moving its headquarters and primary stock exchange listing from Johannesburg, South Africa, to London, England. There is a danger that business activity in South Africa will become split between a small number of lean companies with international status and a large number of small, unreformed companies.

The restructuring plans unveiled by Anglo American Corporation represent a real cultural shift, particularly its willingness to dispose off assets to which it is emotionally attached. Anglo's plans to move its domicile to London, acquire the rest of Minorco and sell assets underline its determination to unlock 'shareholder value'. The proposed asset sales include the sale of Anglo's stake in South African Breweries and the sale of the 33% holding in US precious metals and specialist materials firm Engelhard, with which Anglo has had long and personal links.

Anglo American's plans to move its primary stock exchange listing and its headquarters to London in early 1999 mark a new phase in South Africa's corporate restructuring process. Anglo attributes the decision to a desire to go global. A London listing will help it attract international investors, and give it access to large amounts of low-cost capital. Anglo also believes the move will enable it to compete with rivals such as Rio Tinto on an equal level. The South African government has accepted Anglo's decision, but trade unions have attacked it as a vote of no confidence in South Africa.

There is currently strong demand for physical metal, and this is likely to prompt a revival in the price of gold, according to Anglo American Corp of South Africa, the largest gold producer in the world. The company is not concerned about the fact that central banks and other official organizations have been selling gold. Anglo American Chief Executive Bobby Godsell believes that the current price weakness may last until the middle or end of 1998, but that prices will not drop to dangerously low levels.

Anglo American Corp, the largest gold producer in the world, is effectively owned by the Oppenheimer family, which also controls related operations such as diamond company De Beers and non-diamond operation Minorco. One of the most pressing concerns affecting all three companies at present is the likely successor to their joint chairman, Julian Ogilvie Thompson, who will probably retire soon. The group still has a complicated structure, and the only other person who really understands it is Harry Oppenheimer, who is now 86. There is some concern about the willingness and ability of his son to replace him as head of the group.

Charter Consolidated, a UK industrial conglomerate plans to sell most of its 38.4% stake in Johnson Matthey to Johannesburg Consolidated Investment Company. Anglo American Corporation of South Africa, the indirect parent of Charter, may object to the proposed sale as it wishes to retain control over Johbnson Matthey. Jeff Herbert, the Managing Director of Chartered resents Anglo's influence and that it has forced Chartered to retain the non-performing asset.