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Copper May 15, 2024 11:20:11 AM

Anglo American Turned Down BHP's Revised Takeover Bid

Paul Ploumis
ScrapMonster Author
It would have lifted the aggregate ownership of Anglo American shareholders in the combined entity from 14.8% to 16.6%.

Anglo American Turned Down BHP's Revised Takeover Bid

SEATTLE (Scrap Monster): Anglo American rejected the revised takeover bid made by the BHP Group Limited. The new offer, received on May 7, 2024 had valued the company at 34 billion pounds.

According to the company, its Board of Directors, after considering the second unsolicited, non-binding and highly conditional combination proposal, concluded that it continues to significantly undervalue Anglo American and its future prospects. Incidentally, the new offer was 10% higher than the first one. It would have lifted the aggregate ownership of Anglo American shareholders in the combined entity from 14.8% to 16.6%.

In a statement issued, Anglo American noted that the structure of the latest proposal is highly unattractive for its shareholders, especially when taking into account the inherent uncertainty and complexity as well as significant execution risks associated with it.

Meantime, Mike Henry, Chief Executive Officer, BHP stated that the company is disappointed that its second offer has been rejected. The company still believes that the combination of the two companies would be capable of delivering significant value to shareholders of both the companies, he added.

By way of acquisition, BHP will gain ownership in four of the world’s largest copper mines- Collahuasi, Loc Bronces, El Soldado and Quellaveco, thereby enhancing the company’s copper exposure by almost 40%.

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