BHP Group bid $38.8 billion for Anglo American on Thursday, offering a deal to forge the world's biggest copper miner and driving its smaller rival's shares 16% higher.
on Thursday, offering a deal to forge the world's biggest copper miner and driving its smaller rival's shares 16% higher.
Copper prices extended gains as funds chased the market higher after news of BHP's bid. Three-month copper on the London Metal Exchange was up 1% at $9,869 a metric ton by 1600 GMT, having touched $9,988, a two-year peak, on Monday.in February in response to a 94% fall in annual profit and a series of writedowns due to a drop in demand for most of its metals.
Anglo has copper mines in Chile and Peru, where BHP also has operations. Their combined output would amount to around 2.6 million metric tons a year, well ahead of that of U.S.-based Freeport-McMoRan A spokesperson for South Africa's mining regulator said the department is poring over the proposed deal, as the potential exit of Anglo from the country adds to worries over the economy ahead of an election.new projects in response to a slump in profits due to local challenges and weakening prices of commodities such as platinum.
REPI:COAL ALLCE BACT BASMTL BIZ BMAT BMAT08 CMPNY COAM COM CPPR DEAL1 DIVMIN ENER ENFF ENG MEMI METL MIN MINE MINE08 MRG MTAL MTAL08 PREC PREC08 PRECAL PUBL GB WEU EUROP AU EMEA AUNZ ASIA FIN ENERGY TOPNWS MTPIX PXP TOPCMB NEWS1 REPI:EXPLORATION-PRODUCTION EXPRO GLDMIN GOLM IRNST IRONOR MEMI1 OILG PLATMN ZA AMERS AFR US SAFR NAMER EMRG MTVID HOT STX LEGAL REUTERS-LEGAL AGRI DIAMIN FERT PGM PLAT POTH PREMTL CL PE LATAM SAMER
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