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...Anglo American’s key South African shareholders are open to a takeover offer from BHP, despite government concerns that the miner’s £30bn-plus proposal is bad for Africa’s most industrialised economy....
...American....
...BHP’s preliminary offer, which is conditional upon Anglo divesting its Johannesburg-listed subsidiaries — iron ore miner Kumba and Anglo American Platinum — has angered politicians in South Africa....
...The red metal has charged up the mining sector since BHP’s interest in buying Anglo American became public two weeks ago....
...While other platinum miners in the region have also slashed jobs, Anglo American Platinum, along with the LSE-listed miner’s iron ore unit Kumba, have come under the spotlight after BHP’s £31bn offer last...
...Anglo American’s board has rejected BHP’s takeover offer, saying that the proposal “significantly undervalues” the copper, iron ore and platinum producer....
...“The timing is not surprising considering Anglo is reviewing its business,” said one large shareholder in BHP and Anglo American. “Anglo will need to create a compelling alternative.”...
...South Africa’s mining minister was campaigning in Rustenburg, the northern capital of the country’s platinum belt, when news broke of BHP’s £31bn proposal to take over Anglo American....
...The relationship with Anglo American follows a similar topsy-turvy trajectory....
...BHP has said the structure of its proposed takeover of Anglo American, which excludes platinum and iron ore assets in South Africa, did not reflect a negative view of the country as an investment destination...
...BHP has said its proposed takeover of Anglo American, which excludes its South African platinum and iron ore assets, was not a reflection of negative views of the country....
...Anglo American, one of the few miners to build a copper mine in recent years, offers growth in the red metal, buried amid its South African iron ore and platinum assets....
...The deal, however, would be conditional on Anglo American demerging its South African-based platinum and iron ore divisions, which make up £6bn and £4.2bn, respectively, of the company’s value under the...
...London-listed shares in Anglo American have been down by more than a third since the start of last year, putting its market capitalisation at £29bn, as the company’s De Beers diamond division and platinum...
...Anglo American Platinum plans to cut 3,700 jobs in South Africa in a bid to cut costs at one of the mining group’s most troubled divisions....
...Anglo said that as part of any deal, BHP was proposing spin-offs of two Anglo units — Anglo American Platinum, the platinum division known as Amplats, and Kumba Iron Ore....
...Duncan Wanblad took the helm of Anglo American in mid-2022 just as the South African miner reached a record market capitalisation of more than £50bn....
...This ambition culminated when BHP chair Ken MacKenzie called his counterpart at Anglo American on April 16 to deliver a $31bn preliminary offer for the London-listed miner....
...North American rivals such as Mark Bristow’s Barrick Gold are also likely to be weighing their options, while a bid for all or part of Anglo American from Brazil’s Vale, India’s Vedanta Resources or a Chinese...
...The current all-stock approach excludes Anglo’s platinum and iron ore businesses in South Africa, which are independently listed in Johannesburg....
...The miner’s proposed deal, which requires the separation of stakes in Johannesburg-listed Anglo American Platinum and Kumba Iron Ore, is overly complicated and politically fraught....
...BHP has proposed buying rival Anglo American in a £31bn deal that provoked a backlash from the South African government and leading shareholders....
...Ore and Anglo Platinum....
...Anglo American Platinum and Kumba Iron Ore....
...South Africa, where Anglo American has iron ore, steelmaking coal and platinum mines, has become an increasing drag on production because of crippling problems in the logistics and power sector....
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