From Investing.com: 2024-04-27 12:55:31

BHP Group considers improving its $39 billion offer for Anglo American after the initial bid was rejected. Discussions ongoing for a revised proposal in the coming weeks. Anglo American shareholders believe company is worth around 30 pounds per share. A potential deal would create world’s biggest copper miner, contributing to clean energy shift.

Anglo American rejects BHP’s $39 billion offer, saying it undervalues the company and its prospects. BHP has until May 22 to come back with a formal offer under UK takeover rules. BHP expected to sweeten its 25.08 pounds per share bid to secure a deal. Anglo shares closed at 26.43 pounds on Friday.

If successful, the BHP-Anglo deal would be the largest mining takeover globally in 2024 and among the top 10 largest deals ever in the sector, according to LSEG data. Focus of the bid is on copper, aiming to create a group accounting for about 10% of global copper output. Electric vehicles and power grids are key users of the metal.



Read more at Investing.com: BHP considering improved proposal for Anglo American after bid rejected, source says By Reuters