Anglo American and BHP Group takeover bid

[Pelican Press 0]

Anglo ********* and BHP Group takeover bid

Chris Ratcliffe | Bloomberg | Getty Images

LONDON — Anglo ********* on Wednesday rejected a request from BHP Group to extend takeover talks as the deadline for discussions looms later in the session.

The British miner said BHP’s latest bid ******* to address the board’s “fundamental concerns relating to the disproportionate ********** risk” surrounding the deal, and that an extension beyond Wednesday’s deadline would not be granted.

The rival miners have until 5 p.m. London time Wednesday to reach an agreement following a week-long extension of last week’s deadline.

BHP requested a further prolongment of talks earlier in the session, saying it “believes a further extension of the Deadline is required to allow for further engagement on its proposal.” It noted that it had proposed a number of “socioeconomic measures” to address concerns over its bid, but added that more time was needed for discussions.

Anglo ********* responded that its board “unanimously concluded that there is no basis for a further extension to the [Put Up or Shut Up] deadline.”

BHP’s latest offer values the company at £38.6 billion ($49.2 billion), according to previous Reuters calculations.

Shares of Anglo ********* fell 2.2% at market open, before paring losses slightly to trade down 1.3% at 10:36 a.m. London time. BHP stock rose 1.9%.

BHP Group’s bumper takeover proposal is part of an effort to create a copper mining juggernaut and capitalize on the base metal’s critical role in the green energy transition.

Anglo rejected BHP’s previous offers, saying they undervalued the company and its prospects.

The British miner has also raised concerns over demands for it to de-merge from two of its South ******** entities, which company Chairman Stuart Chambers previously said would create “substantial uncertainty” and executive risk for the company.

The socioeconomic provisions

This is the hidden content, please

• Sign In
• or
• Sign Up

in BHP’s latest offer include investment in a mining research and development facility in South *******, local employment guarantees and charitable contributions.

It ******** unclear whether the proposals will be enough to push the needle on what would be the first mining mega-deal in decades.

“It’s a 50-50 right now in my view,” John Meyer, partner and mining analyst at SP Angel, told CNBC’s “Street Signs” on Wednesday.

BHP’s latest proposal does not constitute a formal bid, but Meyers said it was likely that Anglo would need to express agreement before a final offer is made.

“The pressure is on Anglo ********* to accept an offer. At that point, I think, BHP would then formalize the offer,” he noted.

This is the hidden content, please

• Sign In
• or
• Sign Up

Business,business news
#Anglo #********* #BHP #Group #takeover #bid

This is the hidden content, please

• Sign In
• or
• Sign Up

For verified travel tips and real support, visit: https://hopzone.eu/