Third BHP takeover offer swiftly rejected by Anglo American; UK inflation slows to 2.3% – business live

From 1h ago 09.44 EDT Third BHP takeover offer swiftly rejected by Anglo American Breaking: Australia’s BHP has sweetened its offer to buy rival Anglo American, a deal that would create a global mining giant, but that third takeover proposal was swiftly rejected. BHP’s all-share share offer is worth £31.11 per Anglo American share based on the 22 April closing price, it said. It values the company at £38.6bn. Anglo said the latest proposal valued its shares at £29.34 based on the 23 April closing price. It has agreed to enter talks with its larger rival – although BHP has described its offer as “final”. BREAKING: Anglo American agreed to enter talks (until May 29th) with larger rival BHP Group after rejecting a third takeover proposal, opening the door for the first time to what would be the biggest mining deal in over a decade. However, BHP called its offer “final” | $BHP $AAL pic.twitter.com/jPANtonWD9 — Javier Blas (@JavierBlas) May 22, 2024 Anglo had rejected two previous offers from BHP: the first, in April, valued it at £31bn and the second at £34bn, which was snubbed earlier this month. BHP hopes ink the takeover the FTSE 100 company – the largest ever in the mining sector – to create a global player in markets for commodities including copper, iron ore, potash and metallurgical coal used for steelmaking, my colleague Alex Lawson reports. Copper in particular is in high demand as a raw material in the transition to low carbon energy as it is used in manufacturing components for electric vehicles and renewable energy projects. Anglo American’s key assets are copper mines in Chile and Peru. Share Updated at 10.01 EDT1h ago 09.56 EDT Alex Lawson BHP’s attempt to snap up Anglo could still be gatecrashed by a rival bidder. Swiss mining company Glencore, which has reportedly been considering its own approach. BHP’s terms require that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders,

as part of the deal. Even if BHP is unsuccessful, Anglo’s chief executive Duncan Wanblad has pledged to break up the business and sell its platinum division and its De Beers diamond arm. Stuart Chambers, chairman of Anglo American, said: The board considered BHP’s latest proposal carefully, concluded it does not meet expectations of value delivered to Anglo American’s shareholders, and has unanimously rejected it. Chambers said its board was “confident in Anglo American’s standalone future prospects and that BHP had not addressed the board’s concerns about the “complex” terms of

the takeover. Share1h ago 09.53 EDT After the two previous rejections, BHP said it had been “engaging with Anglo American and its advisors” to allay concerns over the deal and that it was “hopeful that resolution will be reached in the next seven days”. Mike Henry, the chief executive of BHP, said: The revised proposal is underpinned by BHP’s disciplined approach to mergers and acquisition and our focus on delivering long term fundamental value. BHP’s revised proposal will offer immediate value for Anglo American shareholders and allow them to benefit from the long-term value generation of the combined group. Share1h ago 09.44 EDT Third BHP takeover offer swiftly rejected by Anglo American Breaking: Australia’s BHP has sweetened its offer to buy rival Anglo American, a deal that would create a global mining giant, but that third takeover proposal was swiftly rejected. BHP’s all-share share offer is worth £31.11 per Anglo American share based on the 22 April closing price, it said. It values the company at £38.6bn. Anglo said the latest proposal valued its shares at £29.34 based on the 23 April closing price. It has agreed to enter talks with its larger rival – although BHP has described its offer as “final”. BREAKING: Anglo American agreed to enter talks (until May 29th) with larger rival BHP Group after rejecting a third takeover proposal, opening the door for the first time to what would be the biggest mining deal in over a decade. However, BHP called its offer “final” | $BHP $AAL pic.twitter.com/jPANtonWD9 — Javier Blas (@JavierBlas) May 22, 2024 Anglo had rejected two previous offers from BHP: the first, in April, valued it at £31bn and the second at £34bn, which was snubbed earlier this month. BHP hopes ink the takeover the FTSE 100 company – the largest ever in the mining sector – to create a global player in markets for commodities including copper, iron ore, potash and metallurgical coal used for steelmaking, my colleague Alex Lawson reports. Copper in particular is in high demand as a raw material in the transition to low carbon energy as it is used in manufacturing components for electric vehicles and renewable energy projects. Anglo American’s key assets are copper mines in Chile and Peru. Share Updated at 10.01 EDT2h ago 08.49 EDT Labour accuses government of \'tone deaf victory lap\' on inflation L