BHP bid to takeover Anglo American
It is widely reported that BHP has bid £31bln to buy Anglo American Plc.
The proposed takeover will allow BHP to focus more on copper mining, with Reuters reporting it would create a copper mining group with ~10% of global output.
The offer of an acquisition has been confirmed in a statement by Anglo American, which states it is a ‘highly conditional combination proposal’.
Anglo American also confirmed the offer ‘would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders’.
An ‘offer period’ has been commenced by Anglo American, meaning the acquirer must announce a firm intention to make or not make an offer by 22 May 2024.
Anglo American owns mines in Australia, Brazil, Chile and South Africa. Their Board are currently reviewing the proposal.