Anglo American to sell De Beers, Amplats to fend off BHP’s bid – by Cecilia Jamasmie (Northern Miner – May 14, 2024)

Anglo American (LON: AAL), the takeover target of mining giant BHP (ASX: BHP), has ceded to pressure from investors announcing plans to sell some of its legacy assets in an attempt to protect itself from current and future bids.

The sweeping break up plan, disclosed on Tuesday, will see Anglo American sell its diamond business De Beers, its South Africa-based Anglo American Platinum — Amplats — (JSE: AMS) and its steelmaking coal assets.

The company, which rejected on Monday BHP’s $43 billion second offer, is keeping its copper, iron ore and crop nutrients businesses. Anglo American owns three of the top 10 producing copper mines in South America, with ample room for growth. It is also a main producer of premium iron ore, which has historically accounted for the lion’s share of Anglo’s profit.

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