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Anglo American Rejects BHP's £31.1 Billion Takeover Bid

The proposal, deemed too low and opportunistic, has been turned down, with Anglo American emphasizing its strong future prospects and strategic priorities.

Overview

  • Anglo American's board unanimously rejected BHP's £31.1 billion takeover offer, citing it as significantly undervaluing the company.
  • BHP's bid aimed to acquire Anglo's copper assets, proposing a complex deal involving the spin-off of Anglo American Platinum and Kumba Iron Ore.
  • Share prices of Anglo surged 16%, indicating market expectations of a higher bid or a competing offer.
  • Major shareholders like Legal & General Investment Management criticized the offer as opportunistic given recent share price weaknesses.
  • Analysts suggest BHP may need to increase its offer to secure a deal, amidst challenges from global antitrust authorities and other potential bidders.