BHP Group makes takeover offer for Anglo American valued at US$39 billion

By The Canadian Press on April 25, 2024.

BHP Group Ltd. logo is shown in a handout. The company says it has make a takeover offer for Anglo American plc. worth about US$39 billion. THE CANADIAN PRESS/HO

TORONTO – Mining company BHP Group Ltd. says it has make a takeover offer for Anglo American plc. worth about US$39 billion.

BHP says the combined company would have a portfolio of large, low-cost assets focused on iron ore and metallurgical coal as well as potash and copper.

Under the plan proposed by BHP, Anglo American would spin off Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. to Anglo American shareholders.

The deal would see Anglo American shareholders receive 0.7097 BHP shares for each share in Anglo American as well as shares in Anglo Platinum and Kumba.

The board of Anglo American confirmed it has received what it called an unsolicited, non-binding and highly conditional combination proposal from BHP.

It says the board is reviewing this proposal with its advisers.

This report by The Canadian Press was first published April 25, 2024.