Australian mining giant BHP confirmed on Thursday a $38.8 billion takeover bid for British rival Anglo American, a colossal deal with the potential to fundamentally reshape the sector. Its longtime rival Anglo American has a market value of about $36 billion.
Australian mining giant BHP in takeover bid for British rival Anglo American, a colossal deal with the potential to fundamentally reshape the sector. Photo: William WEST / AFPAustralian mining giant BHP confirmed on Thursday a $38.8 billion takeover bid for British rival Anglo American, a colossal deal with the potential to fundamentally reshape the sector.
"The combination would bring together the strengths of BHP and Anglo American in an optimal structure," the statement said. BHP has signalled in recent years its growing appetite for copper, an increasingly in-demand metal that is poised to play a key role in global energy transitions.The International Energy Agency lists copper -- commonly used in electrical wiring -- as of"high importance" for the development of solar panels,Australian renewable energy finance expert Tim Buckley was not convinced the takeover bid was a wise move.
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