BHP says Anglo rejected revised proposal
BHP Group said yesterday that Anglo American had rejected a revised buyout offer valuing the company at 34 billion pounds (US$42.67 billion).
Anglo American in April rebuffed BHP's US$39 billion all-share takeover proposal, saying it was opportunistic and significantly undervalued its prospects.
"BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms," it said in a statement.
"BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders," it added.
Turnaround plan
Bloomberg reported that Anglo American's shareholders were pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group's takeover bid.
Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world’s biggest miner.
Now, Anglo shareholders have been urging the company to expedite that analysis and explain to investors how it would create more value than by just selling to the rival, according to conversations with five of Anglo’s biggest holders, who asked not to be identified as the discussions are private.
Anglo may unveil the strategy as soon as the coming week, when the world’s top mining bosses attend Bank of America Corporation’s annual conference in Miami, according to people familiar with the matter.
Still, the situation remains fluid and Anglo is weighing the best time to show its hand, with BHP expected to return with a fresh bid and activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders, potentially planning to make its views public too.
An Anglo spokesman declined to comment. - Reuters/Bloomberg
Anglo American in April rebuffed BHP's US$39 billion all-share takeover proposal, saying it was opportunistic and significantly undervalued its prospects.
"BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms," it said in a statement.
"BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders," it added.
Turnaround plan
Bloomberg reported that Anglo American's shareholders were pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group's takeover bid.
Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world’s biggest miner.
Now, Anglo shareholders have been urging the company to expedite that analysis and explain to investors how it would create more value than by just selling to the rival, according to conversations with five of Anglo’s biggest holders, who asked not to be identified as the discussions are private.
Anglo may unveil the strategy as soon as the coming week, when the world’s top mining bosses attend Bank of America Corporation’s annual conference in Miami, according to people familiar with the matter.
Still, the situation remains fluid and Anglo is weighing the best time to show its hand, with BHP expected to return with a fresh bid and activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders, potentially planning to make its views public too.
An Anglo spokesman declined to comment. - Reuters/Bloomberg
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