Mining giant BHP might have pulled out at the 11th hour in its takeover ambitions for rival Anglo American, but make no mistake — it's a question of when, not if, the Big Australian will come knocking again.
It could have been one of the biggest deals in recent history — BHP swallowing up Anglo American to the tune of $75 billion.The proposal was first lobbed by the world's biggest miner in April.
Late on Wednesday, BHP gave more detail to the market about what it was proposing to Anglo, including a reverse break fee — in effect saying it would cover any costs if Anglo couldn't sell the assets BHP wanted it to get rid of, in the way it predicted it could. "They've clearly orchestrated that they buy copper, it's their core commodity for decarbonisation, that's where they want to position themselves long term," said Mr Bairstow.
"So I think that's what's driven the timeline of moving on Anglo now, given that it's now into production." "When you go through this process and arrive to a level where you're happy to bid $75 billion for something, you've obviously done a lot of work in the background."I don't think this story is finished by any stretch the imagination."With BHP clearly wanting to increase copper's weight in its portfolio in the global race to decarbonisation, the fastest way it can do that is to buy existing mines.
Sex workers are doing FIFO mining work on the side to qualify for a home loan and the industry wants that to change'I believe we're on the edge of a revolution': While the NZ government delivered its budget, protests were sweeping the nation
Anglo American Anglo Takeover Copper Mining Mike Henry South Africa Mine Iron Ore
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP Anglo American takeover: Anglo American rejects BHP deal extensionAnglo American has rejected BHP’s request for more time to negotiate a $75 billion takeover offer, meaning the deal is off for at least six months, unless BHP lobs a formal bid by 2am. BHP is unlikely to make a bid before the deadline.
Read more »
BHP Anglo takeover: BHP just turned up the heat on Anglo AmericanBHP’s decision to go public with its pitch to solve Anglo American’s South African problems is a move designed to win an extension between the two mining giants.
Read more »
BHP Anglo takeover: BHP sticks to its guns as Anglo American sweet-talk intensifiesBHP says it has “made progress” on assuaging Anglo American directors’ concerns about the substance of its $75 billion takeover bid. BHP now has until May 29 to lob a binding offer.
Read more »
BHP Anglo American takeover bid: BHP’s Anglo dream is still alive and kickingMike Henry has finally got what he always wanted – a chance to convince the Anglo American board of the merits of his deal. But he’s paid a hefty price to get here.
Read more »
BHP Anglo takeover: Duncan Wanblad’s Anglo American to sell Queensland coal in big shrinkAnglo American will sell or shut everything except its copper, iron ore and potash mines as part of a strategy to dodge BHP’s advances.
Read more »
BHP ASX: Behind BHP’s pitch to revive its faltering Anglo American bidBHP boss Mike Henry has taken his takeover pitch directly to Anglo American investors. But the hurdles to this bid are multiplying, and time is running out.
Read more »