A spike in the share price of BHP target Anglo American's London-listed shares before the Australian multinational had formally announced a $60 billion takeover bid has raised questions about possible leaks.
Questions about possible information leaks have been raised after share prices spiked in the UK for Anglo American before BHP formally announced a $60 billion takeover bid.A spike in the share price of BHP target Anglo American 's London-listed shares before the Australian multinational had formally announced a $60 billion takeover bid has raised questions about possible leaks.
"This spike in Anglo's share price before the public announcement of the BHP bid raises questions about the integrity of the UK's markets which the Financial Conduct Authority are likely to want to investigate," said Harvey Knight, head of the financial services regulatory group at law firm Withers.Britain's FCA does not typically comment on individual trading irregularities which it investigates and declined to comment on whether it would review the activity.
"Between private chat networks, secure texting apps, and even burner phones, there are many more ways for material, non-public information to be shared via undetected means than there ever were previously," Peter Earle, senior economist at the The American Institute for Economic Research, told Reuters.
Two sources told Reuters Anglo American does not consider the proposed offer as attractive, with one saying it did not address the complexities of demerging the Anglo American Platinum and Kumba Iron Ore businesses in South Africa.Another source said the Anglo American board is meeting on Friday London time to finalise their thinking on the proposal.
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