BHP retreats from comments about moving on from Anglo bid

[Pelican Press 0]

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BHP retreats from comments about moving on from Anglo bid

BHP has been forced to walk back comments about having “moved on” from its ******* Anglo ********* bid to prevent its hands being tied by the *** takeover panel from launching another buyout attempt.

Chairman Ken MacKenzie made the comments Wednesday at a shareholder meeting of the world’s biggest miner in Australia. Anglo shares fell as much as 4.5 per cent, underperforming the wider sector.

BHP later issued a statement to clarify that his comments weren’t intended as an official statement under *** takeover rules, and said the panel has agreed not to treat them as a statement of intention not to make an offer. As a result, the world’s biggest miner is still allowed to make a fresh approach for Anglo after its current standstill ends late next month.

BHP abandoned a $US49 billion ($74.5b) takeover proposal for Anglo in May after repeatedly being rejected, with the two sides unable to agree on the complicated deal structure.

Under the *** Takeover Panel rules, once a company that has made a “no intention to offer statement,” it must walk away for the next six months.

The bid by BHP, which was focused on getting access to Anglo’s copper mines, has forced the smaller company to accelerate an overhaul of its business that is now underway, including plans to offload its platinum business and to exit coal, diamonds and nickel.

Meanwhile, BHP in July swooped to buy Filo Corp, teaming up with Lundin Mining Corp. in a $US3b ($4.5b) deal to gain South ********* copper assets.

“We thought there was an opportunity here to create something unique and special – sort of a one-plus-one-equals-three opportunity, with a lot of synergies,” Mr MacKenzie said at the meeting in Brisbane regarding its Anglo bid, before the company issued its clarification statement.

Anglo’s shareholders thought “there was more value in the plan that their management wanted to ********, and so they moved on,” he said. “And, quite frankly, so have we.” “It was never a transaction that we had to do. It was a nice-to-have, not a must-do. So we’ve moved on as well,” he added.

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