MILANO – The Global copper hunger linked to energy transition outlines a sensational operation: BHP tries to attack the Anglo American mining group, listed in London, which confirms that it has received an “unsolicited” acquisition proposal from its Australian rival, in what could be one of the most large operations in the sector for years.
“The board is currently reviewing this proposal with its advisors,” Anglo American said in a statement, adding that “there is no certainty that an offer will be made, nor on the terms on which such an offer might be made. “.
As noted by Financial Times, BHP’s attempt is based on an all-paper proposal (i.e. shares of the future group are offered and not cash) and would be one of the largest transactions in the sector in recent years. There is talk, BHP later confirmed, of and deal £31.1 billion (over 36 billion euros, at the current exchange rate) which provides a value of 25.08 pounds for each Anglo American share, including 4.86 pounds in Anglo Platinum shares and 3.40 pounds in Kumba Iron Ore shares.
In detail, Anglo American shareholders would receive 0.7097 BHP shares for each ordinary share held and ordinary shares of Anglo Platinum and Kumba, which would be distributed pro rata by Anglo American to its shareholders. The terms of the proposal, based on the closing market prices of 23 April 2024, the last trading day before the rumors launched by Bloomberg on the operation, they represent a premium of 31% and a premium of approximately 78% over the weighted average closing price of the 90 trading days prior to April 23.
Anglo has a capitalization of £29 billion and would bring BHP the possibility of expanding its portfolio of copper mines, especially in Peru and Chile: it is a key material for renewables and electric vehicles. Furthermore, Anglo’s leaders have come under pressure from investors for the poor production forecasts released at the end of 2023.
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Among Anglo’s gems, there are also i diamanti De Beers, which however ran into difficulty due to low prices. Anglo is in the red on the stock market since the beginning of the year, by about a third.
BHP is worth 149 billion dollars, and has its main listing in Sydney. Pchi months ago completed the acquisition of Australian rival Oz Minerals, again to gain ground in copper, for around 10 billion dollars. A possible operation between the two giants would be among the largest together with that of Glencore towards Xstrata, over a decade ago.
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– 2024-04-25 09:23:49
