Anglo American on Wednesday rejected BHP Group's last-ditch request for more time to discuss a $49 billion takeover offer, dismissing it as highly complex and likely ending a five-week pursuit by the bigger rival.
A small toy figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/File PhotoAnglo reiterates BHP offer difficult to execute, erodes valuelast-ditch request for more time to discuss a $49 billion takeover offer, dismissing it as highly complex and likely ending a five-week pursuit by the bigger rival.
Anglo was founded in Johannesburg in 1917 and employs more than 40,000 South Africans, so any withdrawal would be a further economic blow to the country whose miners have been cutting jobs and investment as platinum especially falls out of favour.on Wednesday, with polls suggesting the African National Congress could lose its majority after 30 years in power, in part due to anger about high unemployment and a stagnant economy.
However, a source close to Anglo's thinking said its investors shared its reservations about BHP's proposal. "I'm not surprised it was rejected really by Anglo ... because there wasn't really a lot in the statement from BHP ... it didn't seem that compelling," said George Cheveley, portfolio manager at Ninety-One, which holds a stake of about 2% in Anglo.
REPI:COAL MTPIX BACT BASMTL BIZ BMAT BMAT08 CMPNY COA COAM COM CPPR DEAL1 DIVMIN ENER ENFF ENG ENR FIN FINS FINS08 HOT IRNST IRONOR MEMI METL MEVN MIN MINE MINE08 MNGISS MRG MTAL MTAL08 NEWS1 NRG PREC PREC08 PRECAL PUBL PXP SHRACT STX ZA GB WEU AFR EUROP AU SAFR EMEA EMRG AUNZ ASIA TOPNWS SUSTAINABLE-BUSINESS ENERGY TOPCMB ECI ECO MCE MPLT RSBI:REGULATORY-OVERSIGHT MONOP PLATMN REGS PACKAGE:US-TOP-NEWS BISV BISV08 INVBIS INVM INVM1 INVS08
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BHP can't cherry pick Anglo’s assets: Investors - SABC News - Breaking news, special reports, world,BHP can't cherry pick Anglo American assets without paying a hefty premium, Anglo investors said.
Read more »
BHP asks for more time to explore Anglo American takeoverMining behemoth BHP on Wednesday sought a deadline extension in its takeover pursuit of Anglo American, outlining a suite of measures to soothe shareholder concerns that have derailed previous offers.
Read more »
Anglo American rejects R895 billion bid from BHP – but leaves the door openAnglo American has rejected the third takeover bid from rival BHP, but has agreed to enter into talks.
Read more »
Much more at stake in Anglo American-BHP debateAnglo American plans to get rid of its South African operation and sell the rest to NHP, but we will be losing a champion institution.
Read more »
There is more at stake in the Anglo American-BHP debate than meets the eyeIn the context of the Anglo American-BHP takeover debate, there is much more at stake than what is immediately visible. What is at stake relates to the very soul and purpose of these individual companies and their starkly contrasting approaches to how they do business.
Read more »
Crunch time looms for BHP's bid buy Anglo AmericanMining behemoth BHP must overcome major hurdles to salvage its faltering pursuit of rival Anglo American, analysts said Monday as a midweek deadline over the seismic takeover bid approaches. BHP did not reply to a request for comment from AFP. Anglo American said: 'UK laws restrict us from commenting ahead of the deadline.
Read more »