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Anglo American wants to focus on copper mining, which rival BHP targeted the business to create a global leader in the critical mineral – Copyright AFP Sam Yeh<\/small><\/em><\/p>\nAnglo American said Tuesday it would offload steelmaking coal, diamond and platinum businesses and focus on critical minerals as it fights off a massive takeover bid by Australian rival BHP.<\/p>\n
After rejecting an improved takeover offer worth \u00a334 billion ($43 billion) from BHP, which had hoped to create a copper titan, Anglo said it was accelerating plans to simplify the group and reward shareholders in a \u201cradical\u201d revamp.<\/p>\n
\u201cFollowing completion of the asset review initiated during 2023, Anglo American plans to implement a number of major structural changes to accelerate delivery against its strategic priorities of operational excellence, portfolio simplification, and growth,\u201d a statement said one day after news of the takeover rejection.<\/p>\n
Anglo chief executive Duncan Wanblad added that \u201ca radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction.<\/p>\n
\u201cAnglo American\u2019s shareholders will see the full undiluted upside from these extensive changes, with the value of our copper and iron ore assets brought to the fore,\u201d he said.<\/p>\n
Copper is essential to the world\u2019s transition to renewable energy because it is a vital component for greener technology like energy storage, electric vehicles, solar panels and wind turbines.<\/p>\n
The price of copper has soared over the past year as a result and Anglo American expects the trend to continue.<\/p>\n
Copper last month surpassed $10,000 per tonne for the first time in two years, with analysts citing strong demand and tight supplies that could be stretched further by BHP\u2019s bid proposal.<\/p>\n
Anglo on Tuesday said it planned to offload its steelmaking coal arm and was exploring plans to divest the nickel operations.<\/p>\n
It added that Anglo American Platinum would be demerged and that the De Beers diamond business would either be split or sold.<\/p>\n
\u2013 \u2018Radical changes\u2019 \u2013<\/p>\n
\u201cThese actions represent the most radical changes to Anglo American in decades,\u201d Wanblad added.\u00a0<\/p>\n
\u201cWe are taking clear and decisive action to deliver value\u2026 in the long term interests of our shareholders and other stakeholders.\u201d<\/p>\n
Anglo had said that the BHP offer \u201csignficantly\u201d undervalued the group and its prospects.<\/p>\n
The new bid was pitched at approximately \u00a327.53 per share, up from about \u00a325 per share that had been slammed by Anglo as \u201chighly unattractive\u201d and \u201copportunistic\u201d in April.<\/p>\n
Shares in Anglo traded flat at \u00a327.05 in early London deals on Tuesday.<\/p>\n
Anglo\u2019s stock has been boosted since the initial approach as traders bet on a possible bidding war with other mining giants like Glencore or Rio Tinto.<\/p>\n
Anglo American was founded in South Africa in 1917 by the German-born industrialist Ernest Oppenheimer, 15 years after his arrival and a career in London.<\/p>\n
It is now one of the largest mining companies in the world and is listed on stock exchanges both in London, where it is based, and Johannesburg.<\/p>\n<\/p><\/div>\n
Anglo American to split group after rejecting BHP bid
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#Anglo #American #split #group #rejecting #BHP #bid<\/p>\n","protected":false},"excerpt":{"rendered":"
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