BHP offered £40bn for Anglo in failed bid

BHP Group’s unsuccessful takeover approach to Anglo American comprised an offer worth about £40bn ($53bn), said Bloomberg News which cited sources familiar with the discussions.The Australian mining giant proposed paying about £34 per share for its rival, predominantly through stock with a cash element included, said the newswire. This represented a 24% premium over Anglo American’s £27.36 closing price on 20 November, when BHP submitted its detailed proposal to the board. At that time, Anglo American’s market capitalisation stood at roughly £32bn.Bloomberg News first disclosed the takeover attempt on 23 November. Anglo American rejected the approach, and BHP subsequently confirmed it had withdrawn from discussions. Neither company has officially disclosed the bid’s value, said Bloomberg News.Anglo American declined the offer because management believed its planned acquisition of Canada’s Teck Resources would deliver superior shareholder returns.The company also harboured concerns about lengthy regulatory approvals, which could expose the deal to significant value fluctuations given BHP’s share price volatility before completion, the newswire said.The proposal implied nearly a 50% premium to Anglo American’s closing price on 8 September, the day before the Teck announcement. Anglo American shares climbed as much as 2.7% in London trading on Monday to their highest level in over two weeks.BHP shares have gained 6.6% in London this year, giving the company a market capitalisation of almost £106bn. Representatives for both companies declined to comment.The post BHP offered £40bn for Anglo in failed bid appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com