'I wouldn’t support it,' Mantashe said by phone on Thursday. 'I don’t think Anglo will agree to that. I wouldn’t if I was on the board.'
South African Mines Minister Gwede Mantashe signaled his opposition to BHP Group’s proposed takeover of Anglo American Plc. The offer by the world’s largest miner envisages an all-share deal in which Anglo American would first spin off controlling stakes in South African platinum and iron-ore companies to its shareholders before being acquired by BHP. The proposal values Anglo American at £31.1 billion “I wouldn’t support it,” Mantashe said by phone on Thursday.
The company owns majority stakes in two other South African listed miners — Anglo American Platinum, or Amplats, and Kumba Iron Ore — and South Africa’s state pension fund manager is its biggest shareholder. The plan to demerge Amplats and Kumba “makes sense” because what BHP really wants is Anglo American’s Latin American copper assets, said Nic Stein, a fund manager at Cape Town-based Coronation Asset Management, which owns about 0.9% of Anglo American.
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