Anglo American rejects “opportunistic” $39bn takeover bid from BHP – by Cecilia Jamasmie ( – April 26, 2024)

Anglo American (LON: AAL) has rejected a $39 billion takeover offer from BHP (ASX: BHP) conditional to the target company divesting its platinum and iron ore businesses in South Africa.

BHP’s unsolicited offer “significantly undervalued” the 107-year-old mining company and would be “highly unattractive” to its shareholders, Anglo said on Friday in a response widely expected by analysts. “The BHP proposal is opportunistic and fails to value Anglo American’s prospects,” Anglo chairman Stuart Chambers said in the statement.

The bid contemplated a structure which the board believes is “highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks.”

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