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$147 Billion Australia Mining Group BHP Stops Takeover Bid after 3rd Offer of $49 Billion Rejected by UK Mining Giant Anglo American

30th May 2024 | Hong Kong

Australia mining group BHP (30/5/24: $147 billion market value) has stopped the takeover bid after 3rd offer of $49 billion is rejected by UK mining giant Anglo American.  In 2024 April, UK mining giant Anglo American has rejected the $38.8 billion takeover offer by Australia mining group BHP (27/4/24: $142 billion market value).  Anglo American (29/5/24): “Further to the announcement made this morning by Anglo American plc (“Anglo American”) in relation to a potential offer from BHP Group Limited (“BHP”), the Board of Anglo American (the “Board”) notes the announcement from BHP confirming that it does not intend to make an offer for Anglo American. As a result, BHP is bound by the restrictions set out in Rule 2.8 of the Takeover Code.”  Anglo American (26/4/24): “Further to the announcement by Anglo American plc (“Anglo American”) on 24 April, the Board of Anglo American (the “Board”) provides an update regarding the unsolicited, non-binding and highly conditional combination proposal from BHP Group Limited (“BHP”) (the “Proposal”).  The Proposal comprised an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The all-share offer and required demergers would be inter-conditional.  The Board has considered the Proposal with its advisers and concluded that the Proposal significantly undervalues Anglo American and its future prospects. In addition, the Proposal contemplates a structure which the Board believes is highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent in the Proposal, and significant execution risks.  The Board has therefore unanimously rejected the Proposal.”

“ $147 Billion Australia Mining Group BHP Stops Takeover Bid after 3rd Offer of $49 Billion Rejected by UK Mining Giant Anglo American “

 



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UK Mining Giant Anglo American Rejects $38.8 Billion Takeover Offer by $142 Billion Australia Mining Group BHP 

Anglo American

27th April 2024 – UK mining giant Anglo American has rejected the $38.8 billion takeover offer by Australia mining group BHP (27/4/24: $142 billion market value).  Anglo American (26/4/24): “Further to the announcement by Anglo American plc (“Anglo American”) on 24 April, the Board of Anglo American (the “Board”) provides an update regarding the unsolicited, non-binding and highly conditional combination proposal from BHP Group Limited (“BHP”) (the “Proposal”).  The Proposal comprised an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The all-share offer and required demergers would be inter-conditional.  The Board has considered the Proposal with its advisers and concluded that the Proposal significantly undervalues Anglo American and its future prospects. In addition, the Proposal contemplates a structure which the Board believes is highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent in the Proposal, and significant execution risks.  The Board has therefore unanimously rejected the Proposal.”

 

 

UK Mining Giant Anglo American Rejects $38.8 Billion Takeover Offer by $142 Billion Australia Mining Group BHP 

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future- enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers – safely and sustainably.  As a responsible producer of copper, nickel, platinum group metals, diamonds (through De Beers), and premium quality iron ore and steelmaking coal – with crop nutrients in development – we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people’s lives.




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