Tarmac: Anglo American delays sale

Anglo American’s proposed sale of Tarmac has become the latest victim of the current worldwide credit squeeze.

Tarmac’s owners had hoped to shed the company for around £1.48bn during the first six months of this year.

But Anglo says that date will now not be met, because it has decided to delay the marketing process “until current credit market conditions improve”.

Selling Tarmac is a crucial element in Anglo chief executive Cynthia Carroll’s restructuring programme.