British company says concerns not addressed during approach by Australian firm
Anglo American has survived an almost £39bn takeover plot by the Australian mining rival BHP after last-ditch talks over restructuring the 107-year-old company collapsed.
The five-week pursuit came to an end after Anglo rejected BHP’s 11th-hour appeal to extend the takeover talks for a second time, after three failed takeover proposals from the Melbourne-based miner.
Continue reading...Australian company says FTSE 100-listed group’s board did not engage with its all-share approach
Anglo American has rejected a second takeover approach by its Australian rival BHP that values the London-listed mining company at £34bn.
BHP said Anglo’s board had not engaged with its offer, which came after an initial £31bn offer was also rejected last month. Anglo rejected the second offer on Monday, BHP said.
Continue reading...But such a takeover of London-listed mining firm opposed by politicians and unions in South Africa
South African shareholders of the mining company Anglo American have signalled they are open to a revised takeover offer from BHP, despite warnings from South African politicians and unions that a deal could be bad for the country.
Investors, which collectively own more than 15% of the London-listed mining company, told the Financial Times that they were not opposed in principle to an acquisition by its Australian rival but said an improved and less complex offer would be needed.
Continue reading...Glencore understood to be considering takeover offer while BHP could move again after initial rejection
The global mining industry is braced for a multi-billion pound bidding war for Anglo American amid growing speculation that mining companies are preparing rival bids.
The Australian miner BHP is understood to have sent senior executives to Anglo’s base in South Africa to meet key company stakeholders after an initial offer of £31bn was rebuffed by Anglo’s board last week.
Continue reading...The De Beers owner is a longstanding jewel in the African' state’s economic crown – it would be a ‘big blow’ to see it sold off
The world’s largest mining company has a problem. Australia’s BHP has set out its intention to snap up the rival miner Anglo American in a multibillion-pound deal that would reshape the global industry. Its proposed £31bn takeover plan has already been rebuffed as a lowball offer that undervalues the company. But Anglo’s deep roots in South Africa could be a far more sensitive issue to address.
Africa’s most advanced economy was built on mining. For more than 150 years since the first discovery of diamonds, gold and coal, the industry has remained South Africa’s economic lifeblood. Today it is the world’s fifth largest producer of coal and diamonds and the 10th largest producer of gold.
Continue reading...All-share proposal had potential to be one of biggest deals in sector for decade but deemed ‘opportunistic’
The board of Anglo American, the London-listed mining company, has rejected a “highly unattractive” £31bn takeover approach from its Australian rival BHP.
BHP’s all-share proposed offer for Anglo American had the potential to be one of the biggest deals in the global mining sector for a decade but has attracted criticism from Anglo’s shareholders as being too low and “highly opportunistic”.
Continue reading...Johannesburg-based Amplats says one in five jobs will be lost in South Africa amid plunge in profits
The platinum arm of Anglo American is to cut 3,700 jobs in South Africa as the British mining company attempts to improve performance in the troubled division.
Anglo American Platinum (Amplats) said on Monday it aimed to cut jobs after a sharp drop in platinum metal prices, which had led to a collapse in profits last year.
Continue reading...South African court dismisses huge class-action lawsuit over toxic legacy of mining at Broken Hill in Zambia between 1925 and 1974
A South African court has thrown out a case brought against the multinational mining company Anglo American on behalf of 140,000 Zambian women and children, who allege they have suffered lead poisoning from one of its mines.
The lawsuit, one of Africa’s largest class-action cases, was filed in October 2020, accused Anglo American of negligence over its alleged failure to prevent widespread lead poisoning in the Zambian town of Kabwe, where its South African subsidiary is alleged to have played a key role in running a large mine from 1925 until 1974.
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