Anglo under pressure to reveal plans to fend off BHP as Elliott hikes stake
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target.
That added to the market heat, with the target company's share price rising 4.05% to 27.50 pounds - well above BHP's opening bid of 25.08 per share."Anglo need to come out and explain to us how they're going to make this business more valuable," said George Cheveley, portfolio manager at Ninety-One."You've got the largest mining company approach. It's a credible approach. You might argue the structure is wrong, and they might be able to change that.
In February, Anglo began a strategic review of its assets in response to a 94% fall in annual profit and a series of writedowns caused by lower commodity demand.
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