BHP won’t be put off the scent by Anglo American’s rejection of its $60 billion takeover. There’s too much at stake.
won’t surprise anyone inside the headquarters of the Big Australian. And it won’t stop BHP’s pursuit of a deal that can make it the global king of copper, the world’s hottest commodity.
But while Anglo’s board, led by Stuart Chambers, may well be snooty that BHP launched an approach with the Anglo share price down almost 50 per cent over the past two years, they can hardly accuse BHP of being overly ruthless. A bid made between mid-December last year and early March, when Anglo was wallowing at four-year lows of about £17 following its shock production cuts, would have been really opportunistic.
But Anglo has hardly slammed the door on its suitor, and after two years of frustration, nor will Anglo investors want it to. After all, there aren’t many miners with the financial firepower to do a deal like this – and pay the £30-odd a share Anglo investors will be looking for. The mining giant is already brilliantly placed. It’s on track to become the world’s biggest copper miner this year and clearly has the world’s biggest copper reserves, and at good grades; even without Anglo, BHP will remain a copper force for decades.
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