JOHANNESBURG, May 31: Anglo American Corp of South Africa Ltd in the midst of a sweeping overhaul launched last year, is expected to report slightly higher year-end results on Tuesday, analysts said.Several major deals have already transformed the venerable, 81-year-old mining house and its far flung interests in mining, financial services, manufacturing, chemicals and electronics.
Chairman Julian Ogilvie Thompson will update the restructuring when he delivers the company's results for the year ended March 31 on Tuesday, company officials said.
The consensus headline estimate from analysts of earnings per share is 21.80 rand ($4.22) versus 21.44 rand last year. The annual dividend is seen rising to 7.10 rand from 7.00 a year ago.
Aside from the results, analysts said Anglo may also signal its future plans for tidying up the company's complex structure.
"I certainly would expect they would keep the momentum of the restructuring going," said one industry analyst.
Last November, Anglo Americanunveiled plans to group its subsidiaries into five focused, independently managed companies -- diamond giant De Beers, coal producer Amcoal, industrial group Amic, platinum producer Amplats and gold miner Anglogold Ltd.
"All these moves make good strategic sense, are in line with investors' wishes and will result in enhanced shareholder values," Thompson said at the time.
The restructuring drive kicked off with plans to create Anglogold, the world's biggest gold producer, through the merger of Anglo's five major mines and other gold assets.
Shareholders of the separately listed mines will vote on the merger plans on Thursday. While the merger is expected to proceed, plans to fold the gold assets of sister company Minorco SA have not been finalised.
Anglo is angling to acquire Minorco's gold operations in Brazil and United States, but no deal has yet been reached.
"I think there are still areas which have to be tidied up and it's quite clear that Minorco stands out," said Bobby Craig, an analyst withMerrill Lynch in Johannesburg.
In financial services, Anglo last week won court approval for the merger of its financial interests with RMB Holdings Ltd to form a new financial giant, FirstRand Ltd.
The consolidation combined Anglo's Southern Life Association Ltd and First National Bank Holdings Ltd with RMBH's Momentum Life Assurers and Rand Merchant Bank.
RMBH and Anglo will each hold around 24 per cent of the new company, the country's largest firm by market capitalisation.
In its industrial portfolio, Anglo American's 49 percent owned Anglo American Industrial Corp (Amic) last week agreed to sell its AECI industrial and chemicals unit to oil-from-coal giant Sasol Ltd in a deal worth 4.6 billion rand.
In March, Amic's paper unit Mondi agreed to sell its paper packaging business to Consol Ltd.
Anglo's 52.5-per cent-owned coal business, Anglo American Coal (Amcoal), is still eyeing coal mineral rights of Anglo's.
Analysts said they expect further announcements from Amcoal and Amic in thecoming months.
Anglo has already simplified its diamond holdings. In December, Anglo and stablemate Anglo American Investment Trust transferred their interests in the Central Selling Organisation -- the marketing arm of De Beers -- to De Beers and De Beers Centenary AG to concentrate diamond activities in the De Beers' companies.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.