HomeMarket NewsMiningAnglo's second largest investor demands BHP bid revision

Anglo’s second largest investor demands BHP bid revision

Actionable Trade Ideas

always free

β€œThis would require a meaningful revision of the current BHP proposal that should take into consideration the material risks that current shareholders of both Anglo and its subsidiaries would have to assume,” the PIC said in the statement.

β€œThe PIC recognizes the positive impact of Anglo American in the South African economy and the region at large, and the company’s role in this regard should not be diminished as a result of the proposed offer by BHP,” it said.Β 

Anglo American has twice rejected BHP’s approach, which would imply for Anglo to spin off its stakes in two South African iron ore and platinum companies before being acquired.Β 

After rebuffing the latest offer, Anglo American’s chief executive Duncan Wanblad unveiled hisΒ own plan to reshape the business, which includes exiting platinum, diamonds and coal and slowing the unpopular Woodsmith fertilizer project.

BHP has until 1600 GMT today to make a binding offer or it will be forced to walk away for at least six months. If the parties reach an agreement before that, an extension can be granted.


Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.