South African backlash throws £31bn FTSE miner takeover into doubt [Yahoo! Finance]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
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Source: Yahoo! Finance
Gwede Mantashe, South Africa's minerals resources minister, said he was against the takeover of Anglo by rival BHP Billiton, because the country's experience with the company was “not positive”. Mr Mantashe said BHP's merger with South African miner Billiton in 2001, which led to the formation of BHP Billiton, “never did much for South Africa”. Speaking to the Financial Times, he said: “What we saw is that it dumped coal and then created a small company called South32, which is now marginal.” The comments suggest the takeover bid, which would create the world's largest copper miner, is likely to face fierce political opposition in Johannesburg during an election year. Anglo employs 36,000 people in South Africa, and the miner is deeply enmeshed in the fabric of the country. BHP stunned the market by unveiling a complex £25.08 per share bid for rival Anglo in a deal which would reshape the global mining sector. Anglo shareholders have been offered BHP shares worth £16.60.
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News
- Brazil Wants Vale's Next CEO to Have Closer Ties With Government [Yahoo! Finance]Yahoo! Finance
- Brazil Wants Vale's Next CEO to Have Closer Ties With Government [BNN Bloomberg (Canada)]BNN Bloomberg
- BHP's Biggest Rivals Sit on the Sidelines of Anglo M&A Drama [Yahoo! Finance]Yahoo! Finance
- BHP's Biggest Rivals Sit on the Sidelines of Anglo M&A Drama [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Anglo CEO meets S.Africa mines minister after BHP's takeover proposal [Reuters]Reuters
BHP
Sec Filings
- 5/2/24 - Form 6-K
- 4/29/24 - Form 6-K
- 4/25/24 - Form 6-K
- BHP's page on the SEC website