British
mining
heavyweight
Anglo
American
(AAL)
confirmed
Thursday
it
was
“reviewing”
a
takeover
bid
from
its
larger
Australian
rival
BHP
Group
Ltd,
in
what
would
rank
as
one
of
the
sector’s
biggest
deals
in
years.
Anglo
American
did
not
disclose
the
price
of
the
“unsolicited”
offer,
which
must
be
sewn
up
before
a
deadline
of
May
22.
BHP’s
offer
would
first
hinge
on
Anglo
American
splitting
off
its
platinum
and
iron
ore
operations
in
South
Africa.
Anglo’s
platinum
operations
are
listed
on
the
Johannesburg
Stock
Exchange
under
Anglo
American
Platinum
Ltd,
as
are
its
iron
ore
operations
under
Kumba
Iron
Ore
Ltd.
Australian-based
BHP
has
a
market
value
of
around
$148
billion
(£118.2
billion),
while
London-based
Anglo
American
has
a
market
value
of
about
$36
billion.
“The
board
is
currently
reviewing
this
proposal
with
its
advisers,”
Anglo
American
said
in
a
statement.
“There
can
be
no
certainty
that
any
offer
will
be
made
nor
as
to
the
terms
on
which
any
such
offer
might
be
made.
“Pending
any
further
announcements
Anglo
American
shareholders
should
take
no
action.”
BHP
declined
to
comment.
BHP,
already
one
of
the
world’s
largest
mining
operations,
has
recently
been
buffeted
by
plummeting
nickel
prices
as
well
as
legal
costs
related
to
a
2015
mining
disaster
in
Brazil.
Anglo
American
earlier
this
year
announced
plans
to
cut
thousands
of
jobs
across
its
slumping
platinum
operations
in
South
Africa.
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