Commodity giant Glencore has held internal discussions about approaching Anglo American after the latter rejected an initial takeover bid from BHP.
Commodity giant Glencore has held early internal discussions about making a potential approach for mining giant Anglo American , which has just rejected an initial takeover offer from BHP , Reuters reported on Friday, quoting two sources. Glencore , which is active in both commodity mining and trading, hasn’t approached Anglo American yet, and it may not do it as all discussions have been internal and preliminary, one of the sources told Reuters.
” Under takeover offer rules, BHP must by not later than May 22, 2024, either announce a firm intention to make an offer for Anglo American or announce that it does not intend to make an offer. A potential BHP-Anglo American deal would consolidate the global copper market in one fell swoop at a time when demand is expected to rise but supply is not growing in tune with these expectations as prices do not yet reflect the expected level of demand.
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