BHP is free to relaunch a bid to acquire Anglo American (LON: AAL) starting Friday, as the six-month standstill mandated by London’s takeover rules following the withdrawal of a previous offer has expired.
Last month, BHP chair Ken MacKenzie stated at the company’s AGM that BHP had “moved on” from its bid for Anglo. However, BHP later clarified that MacKenzie’s comments were not intended as an official statement under UK takeover rules.
The UK Takeover Panel agreed not to treat his remarks as a formal declaration of intent not to make an offer. In April, BHP submitted an initial £31.1 billion ($39 billion) scrip proposal for Anglo, which was rejected.
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