Australian mining giant BHP has submitted a eye-watering $38.8 billion takeover bid for British rival Anglo American.
Both companies have been wrestling with the transition away from traditional money makers such as gas and coal, increasingly eyeing opportunities to mine metals and critical minerals.
“There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made,” Anglo American said in a statement.Anglo American stocks were up almost 12 percent in early London trading. Market reaction was muted in Australia due to a public holiday.Nicknamed the “Big Australian”, BHP claims to be the largest mining company in the world with a market value of around $148 billion.
“I question what the takeover brings aside from complexity,” he told AFP before the bid was confirmed.
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