Odey steps up push for improved Sirius offer

(Sharecast News) - Odey Asset Management has reinforced its push for Anglo American to bid more for Sirius Minerals by converting its derivative position in Sirius into shares.

The hedge fund said it had swapped contract for difference derivatives in Sirius for ordinary shares, giving it a 1.3% stake in the company.

Odey took a position in Sirius on 18 February but just 0.21% was in shares with the rest held in contracts for difference. On the same day, it published a letter to the bosses of Sirius and Anglo American calling on Anglo American to improve its recommended £404.9m cash offer for the fertiliser miner.

The fund, run by Crispin Odey, said Anglo American's 5.5p a share offer undervalued Sirius and that Odey would not support a bid lower than 7.0p a share. Sirius has said if Anglo American's bid fails it is likely to collapse.

Sirius is trying to build a fertiliser mine in North Yorkshire but has run out of money. A group of private shareholders has set up an action group in an attempt to raise funds and stop the takeover.

Anglo American Chief Executive Mark Cutifani said on Thursday his company's offer was "fair and reasonable" and that Sirius needed more than $3bn to complete its project.

Sirius shares fell 0.4% to 5.14p at 09:22 GMT. Anglo American fell 1.3% to £20.94.50. Anglo American