Anglo American Plc will exit diamond, platinum and coal mining in a massive restructuring designed to fend off a £34 billion (US$43 billion) bid from rival BHP Group and turn itself into a copper giant.
Anglo’s hand was forced by BHP’s approach — which it has twice rejected — but the move also responds to pressure from shareholders to shed less profitable businesses and focus on the copper assets that are the envy of the industry. It leaves a much simpler company — and a potentially more attractive one to suitors.
The radical overhaul laid out by Anglo Chief Executive Officer Duncan Wanblad is to create a company much like the one his rival CEO Mike Henry proposed. As both men have a similar view of where value lies in Anglo’s sprawling empire, shareholders will now have to decide who they believe can best deliver.
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