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The Canadian head of BHP Group Ltd. says the world’s biggest mining company will remain disciplined as it chases an acquisition of struggling competitor Anglo American PLC, as concerns arise about the complexity and timelines around its US$43-billion takeover offer.
Speaking at a mining conference in Miami, BHP chief executive Mike Henry said that his company’s twice-rejected proposal remains “quite compelling,” and he signalled the Australian miner won’t overpay in its efforts to win over Anglo’s board. “We have a very, very hard-won reputation for discipline when it comes to capital allocation and we do not take that lightly,” he said.
London-based Anglo on Tuesday announced an alternative plan aimed at fending off BHP’s advances that will see it attempt to unload large swaths of the business. Anglo is looking at selling its metallurgical coal, diamonds and nickel businesses, and demerging its platinum segment. The company wants to streamline Anglo in order to zero in on its copper, iron ore and fertilizer businesses.
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