Deals
Anglo Shareholders Say BHP Should Amend Structure or Sweeten Bid
- Anglo rejected a third BHP proposal but is holding discussions
- Large investors are backing Anglo view on the deal structure
The two sides are now closer to each other in their views on a valuation for a deal.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Several of Anglo American Plc’s biggest shareholders say they support the company’s efforts to persuade BHP Group to change the structure of its takeover proposal or compensate for the risks it presents, before accepting any offer.
BHP has one week to convince its target of the value of its $49 billion acquisition plan, after Anglo announced on Wednesday it had rebuffed a third bid and agreed to extend a regulatory deadline. With the clock reset, discussions will center around BHP’s insistence that Anglo spin off majority stakes in South African platinum and iron ore units before the takeover can proceed.