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Anglo American Rejects BHP's £34 Billion ($42.7 Billion) Takeover Bid with 15% Premium

May 13, 2024, 03:02 PM

Anglo American has rejected a revised takeover bid from BHP Group, which valued the company at £34 billion ($42.7 billion). This offer was approximately 15% higher than BHP's initial bid. Anglo American's board deemed the proposal as significantly undervaluing the company and highlighted concerns over the structure and execution risks of the deal. In response to the takeover attempts, Anglo American announced a major shake-up of its portfolio, including plans to divest or demerge its De Beers diamond unit, platinum, met coal, and nickel businesses. The company aims to focus on its core operations and will present its new strategy to investors on May 14. This move marks one of the biggest shake-ups in the company's 107-year history.