The resources giant has until 2am on Thursday morning, Australian time, to increase its bid for rival miner Anglo American, issue a formal binding offer, or walk away.
BHP is nearing make-or-break on its multibillion-dollar takeover bid for rival miner Anglo American as the clock counts down to a key regulatory deadline that will require the Australian resources giant to increase its offer, make it binding, or walk away from its prey.A large investment fund with a substantial stake in BHP believes the company is likely to put a formal binding offer to Anglo’s board before the UK Takeovers Panel deadline expires.
The global resource company’s unwelcome attention prompted Anglo to bring forward plans for a radical downsizing that will see it offload key coal, platinum and diamond projects – a defensive move unveiled to counter BHP’s second offer which valued its target at $64.4 billion. So far, investors are supporting BHP boss Mike Henry’s strategy to seize control of Anglo and its wealth of copper assets, a key commodity for the world’s energy transition.
BHP wants Anglo to spin off its Kumba Iron Ore and Anglo American Platinum business before merging the two companies. The demerger would mean Anglo gives all its holdings in the two companies to its existing shareholders before the businesses are combined, and shield BHP from two potentially tricky operations.
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