- Write by:
-
Saturday, May 4, 2024 - 14:38:31
-
243 Visit
-
Print
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time since the miner rejected BHP Group’s $39 billion takeover bid, a source familiar with the matter told Reuters.
BHP, the world’s biggest-listed mining group, is privately talking to investors as it weighs up its next move after Anglo’s rejection of its initial proposal.
Commodities giant Glencore is also studying an approach for Anglo, sources told Reuters, a development that could spark a bidding war for the 107-year old mining company.
Anglo declined to comment on the meeting with Mantashe.
The source did not give details of the meeting.
BHP has proposed that Anglo sell its shares in units Anglo Platinum (Amplats) and Kumba Iron Ore as an option to exit the South African assets it does not want included in the deal.
Anglo unanimously rejected the proposal as opportunistic and significantly undervaluing the company and its future prospects.
Its investors are concerned that they stand to lose heavily by holding shares in the South African subsidiaries, if they are un-bundled.
There is a risk that South African regulatory authorities, particularly its central bank, could be concerned about capital outflows from foreign investors not willing to hold the shares, the source said.
BHP CEO Mike Henry, who is in South Africa to canvass views from investors on the company’s proposed offer to Anglo, was in “listening only mode” during a meeting with a Cape Town-based fund manager on Friday, another source told Reuters.
BHP executives also held a call with South Africa’s Public Investment Corporation earlier in the week, a separate source said.
Anglo has said it will meet its top investors to hear their views on BHP’s approach.
Short Link:
https://www.miningnews.ir/En/News/628353
![Copper price set for worst week since 2022 as China Plenum disappoints](/Incsys/Photo.aspx?image=/Uploads/News/20240723142415052.jpeg&width=236&height=180)
Copper prices have retreated from a record in May on concerns about the strength of demand in China, where growth was ...
![Zimbabwe may sell 40% stake in a key gold mine to raise capital](/Incsys/Photo.aspx?image=/Uploads/News/20240723142307013.jpg&width=236&height=180)
Zimbabwe’s state-owned Kuvimba Mining House is broadening its search for equity partners and financiers for its gold and ...
![Copper output from Codelco this year to top 2023, chairman says](/Incsys/Photo.aspx?image=/Uploads/News/20240723141842581.jpg&width=236&height=180)
Codelco chairman Maximo Pacheco said on Thursday that the state-run copper giant expects production this year to outdo ...
![China copper smelters eye more output cuts as raw material supply tightens](/Incsys/Photo.aspx?image=/Uploads/News/20240723141202374.jpeg&width=236&height=180)
A shortage of copper concentrate this year has forced a few smelters in China to cut output, and more curtailments could ...
![Mercedes, Stellantis in talks to back Serbia’s lithium plans](/Incsys/Photo.aspx?image=/Uploads/News/20240723140454191.jpg&width=236&height=180)
Mercedes-Benz Group AG and Stellantis NV are in discussions with Serbia’s government to invest in lithium-processing and ...
![China copper smelters plan to cut output after margins fall](/Incsys/Photo.aspx?image=/Uploads/News/20240723135544917.jpg&width=236&height=180)
Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and ...
![Iron ore majors ramp up supply even as China faces challenges](/Incsys/Photo.aspx?image=/Uploads/News/20240723135340184.jpeg&width=236&height=180)
The world’s biggest iron ore producers are hurling plenty of dirt, adding tons of the steel-making commodity to the ...
![Copper price edges down to two-week low amid demand uncertainty](/Incsys/Photo.aspx?image=/Uploads/News/20240723135256664.jpeg&width=236&height=180)
Copper edged down to a two-week low in choppy trading, amid uncertainty over supply and demand in China and weakness in ...
![Antofagasta expects 2024 copper output at low end of yearly forecast](/Incsys/Photo.aspx?image=/Uploads/News/20240723135052294.jpg&width=236&height=180)
Chilean miner Antofagasta said on Wednesday it expects full-year copper output at the lower end of its 670,000 to ...
No comments have been posted yet ...