Here is the salient information from the web site:

• The unsponsored ADRs for ordinary shares of Anglo American plc were created by various financial institutions, or issuing banks, and are not a result of any action taken by Anglo American -- indeed Anglo American has no contractual or other arrangements regarding these ADRs with any of the issuing banks. Anglo American has not registered its shares with the SEC nor has it sought to list its ADRs in the U.S. but the unsponsored ADRs were listed on NASDAQ at the request of the issuing banks (inter alia JPMorgan, Bank of New York Mellon, etc).
• Until recently, unsponsored ADRs were traded on the NASDAQ SmallCap Issuers market. However, as a consequence of NASDAQ becoming a "national securities exchange," the SEC required all securities trading on this exchange to be registered under section 12(b) of the Securities Exchange Act, subject to a grace period which expired on 1 August 2009. Registration under the Securities Exchange Act involves a significant and unnecessary cost burden and, consistent with its position over many years, Anglo American, like certain other overseas companies, decided not to seek such a registration. Hence, the delisting from NASDAQ and the move to the OTC Pink Sheets on 1 August 2009 occurred automatically.

We usually think of small companies or penny stocks being traded on the pink sheets, not $45 billion companies. However, AAUKY is not the only major foreign company listed over-the-counter. The Nestle' Company (OTC: NSRGY), headquartered in Switzerland, and La Farge Coppee SA (OTC: LFRGY), the largest cement producer in the world headquartered in France, are other examples.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares and options of AAUK.