Cosatu urges PIC, other Anglo shareholders to reject BHP bid
South African shareholders hold about 26% of Anglo, with the Public Investment Corporation owning 8.4%.South Africa’s biggest labour union federation urged local shareholders, including the powerful Public Investment Corporation , to oppose BHP Group's bid to buy Anglo American .
BHP’s proposal includes a plan for Anglo to spin off its Johannesburg-listed platinum and iron ore units before an eventual takeover of the remaining assets. Anglo, founded in Johannesburg in 1917, also owns manganese and diamond mines in South Africa. While the miner was the bedrock of the South African economy for decades, it shifted its headquarters to London in the late-1990s.
Cosatu is a key ally of South Africa’s ruling ANC and President Cyril Ramaphosa was a co-founder of the National Union of Mineworkers. The bid from BHP comes before a national election later this month, which could see the ANC lose its majority for the first time since winning power in 1994.
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