BHP Asks for More Time in Last-Minute Plea to Anglo
- World’s biggest miner has until 5 p.m. to commit to an offer
- Anglo has repeatedly rejected the structure of BHP’s proposal
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BHP Group is seeking more time to discuss its $49 billion takeover plan with Anglo American Plc and outlined a series of commitments to the smaller company, with just hours left to go until a crucial deadline.
The two miners are at an impasse over the proposed structure of BHP’s deal, which requires Anglo to first spin off its holdings in two South African companies before a takeover. Anglo says that the plan creates too much risk for its own investors, who will be left holding shares in the spinoffs.