Anglo
American
on
Friday
said
its
board
has
“unanimously”
rejected
an
“opportunistic”
offer
from
larger
peer
BHP
Group,
on
grounds
that
it
“significantly
undervalues”
the
London-based
miner.
This
comes
after
Australia’s
BHP
on
Thursday
confirmed
it
had
offered
to
buy
Anglo
American
in
an
all-share
deal
valuing
the
mining
group
at
£31.1
billion.
As
part
of
the
proposed
deal,
BHP
wants
Anglo
American
to
split
off
Anglo
American
Platinum
Ltd
and
Kumba
Iron
Ore
Ltd
in
South
Africa.
Melbourne-based
BHP
said
its
unsolicited,
non-binding
and
conditional
offer
will
see
Anglo
American
shareholders
receive
0.7097
of
a
BHP
share
for
every
share
share
they
hold
in
Anglo
American.
BHP
tabled
the
offer
to
the
Anglo
American
board
on
Tuesday
last
week.
In
a
formal
response,
Anglo
American
on
Friday
said
its
board
had
considered
the
BHP
proposal
with
its
advisers
and
concluded
that
the
offer
“significantly
undervalues”
the
company
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,”
Anglo
American
said.
“Anglo
American
is
well
positioned
to
create
significant
value
from
its
portfolio
of
high
quality
assets
that
are
well
aligned
with
the
energy
transition
and
other
major
demand
trends,”
Anglo
American
Chair
Stuart
Chambers
said.
“With
copper
representing
30%
of
Anglo
American’s
total
production,
and
with
the
benefit
of
well-sequenced
and
value-accretive
growth
options
in
copper
and
other
structurally
attractive
products,
the
board
believes
that
Anglo
American’s
shareholders
stand
to
benefit
from
what
we
expect
to
be
significant
value
appreciation
as
the
full
impact
of
those
trends
materialises,”
Chambers
said,
calling
the
BHP
offer
“opportunistic”.
By
Artwell
Dlamini,
Alliance
News
reporter
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