Anglo American’s refusal to engage with BHP forced the world’s largest miner to abandon its $74 billion mega-deal.
BHP has abandoned its six-week pursuit of rival Anglo American after a plea to extend takeover talks was turned down.
The Anglo American board has finally agreed to let BHP put forward the case for its now $74 billion takeover plan after the Australian mining giant upped its offer for the second time.
BHP has gained a one-week extension to come up with an improved and binding takeover offer for Anglo American after its rival rejected its latest bid.
The resources giant has until 2am on Thursday morning,Australian time,to increase its bid for rival miner Anglo American,issue a formal binding offer,or walk away.
Ken MacKenzie likely has just over two years left as BHP’s chair. A mega-deal with Anglo American would shape the legacy he leaves at the Big Australian.
Anglo American chief Duncan Wanblad has shown his hand as the company tries to fight off BHP. His Plan B looks a lot like BHP’s Plan A.
Anglo American has rejected BHP’s second,higher takeover offer. But playing hard is getting harder.
Whether successful or not,the Australian mining giant’s offer puts pressure on Anglo’s board and management to consider significant changes to its business.
BHP,the world’s largest miner,has approached London-listed Anglo American with an offer that could turn into this year’s biggest deal.
BHP has approached the embattled Anglo American mining house with an all-scrip offer that would see the group’s most troublesome assets spun off.