Official announcements from BHP or Anglo American, or reliable financial news sources.

BHP Faces Critical Deadline in $43 Billion Bid for Anglo American at £29.34/Share by May 29

May 22, 2024, 01:15 PM

BHP Group is facing a critical deadline in its $43 billion pursuit of Anglo American. The mining giant has made three proposals to acquire its smaller rival, all of which have been rejected by Anglo American. The latest offer valued Anglo American at £29.34 per share, with valuations based on the 30-day and 90-day volume weighted average share prices up to and including April 23 being £29.91 and £29.67 per share, respectively. Despite the rejections, Anglo American has agreed to enter talks with BHP and has extended the deadline for formalizing a takeover offer until May 29. Key shareholders, including LGIM and PIC, have expressed the need for a meaningful revision to BHP's non-binding and highly conditional bid. This potential deal, if successful, would be the largest-ever mining acquisition in over a decade.