EMC has built a nearly $1 billion stake in Anglo American in recent months; did it sense a takeover opportunity?

• Anglo American rejected a takeover bid from larger rival BHP on Friday, 26 April.
• Anglo American Statement: "The Board has considered the Proposal with its advisers and concluded that the Proposal significantly undervalues Anglo American and its future prospects."
• With news of the takeover bid Anglo’s shares surged on Thursday to 16% and closed slightly higher than BHP’s offer (which is worth £25.08 per share).
• EMC has experience with campaigns at mining companies, including a 2017 effort at BHP.