BHP Now Free to Bid Again for Anglo American
December 05, 24
(IDEX Online) - BHP, the world's biggest mining company, is again free to bid for Anglo American, owners of De Beers.
The Australian conglomerate made an increased offer of $49bn for Anglo in May, but the offer was rejected.
Last month BHP chairman Ken MacKenzie (pictured) told shareholders Anglo had moved on since the knockback and "quite frankly, so have we".
His comment was widely understood to suggest that the company would not be making a further bid.
But BHP rushed out a clarification, insisting his comments were not to be taken as formal market guidance.
Speculation is now mounting that BHP could indeed mount a renewed challenge, now that a six-month moratorium imposed under UK Takeover Panel rules has expired.
Anglo has, in the interim, sold a minority stake in its platinum business and this week it agreed a $3.8bn deal to sell off its remaining coal interests in Australia.
Anglo is hiving off peripheral interests - including its 85 per cent stake in De Beers - to focus on copper on other more profitable ventures.