Anglo American Plc has moved to buy Sirius Minerals Plc’s giant U.K. potash project, according to a Bloomberg report. Anglo said it’s in advanced talks with Sirius about a possible 5.5 pence-a-share offer that values the company at about $508 million. While that’s a premium of 34 percent on Sirius’s closing share price on Jan. 7, the company was worth more than $2.3 billion 18 months ago, before its funding plans dried up noted Bloomberg.
Sirius’s plans were thrown into doubt last year after it suspended a bond sale, required to unlock a $2.5 billion credit facility from JPMorgan Chase & Co. The company was forced in November to scale back its plans, but had also said it was talking with potential investors or buyers.