How BHP’s CEO prepared for the Anglo American offer

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Dubbed ‘Meticulous Mike’ by the Australian media, BHP CEO Mike Henry must have carefully planned his move for Anglo American , down to the inevitable initial rejection, according to people familiar with the matter, the

BHP’s unsolicited offer ‘significantly undervalued’ the 107-year-old mining company and would be ‘highly unattractive’ to its shareholders, Anglo said on Friday in a response widely expected by analysts. A merger would also give BHP about 10% of global copper production. It would also boost its presence in the world’s top copper-producing countries, Chile and Peru, as it would gain access to four of the world’s largest copper mines — Collahuasi , Los Bronces , El Soldado , and Quellaveco . This would improve the company’s exposure to the metal, a key actor in the world’s ongoing energy transition, by about 40%.

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