BHP deploys team to SA to woo officials over Anglo deal - report
Bhp Group Plc
1,949.50p
16:30 30/12/24
BHP has reportedly deployed a team of senior executives to South Africa as it ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American.
Anglo American
2,336.00p
17:15 30/12/24
Cboe Brexit Low 50
15,570.29
16:30 30/12/24
Cboe Europe All Companies
51.37
11:45 01/12/20
Cboe Europe Non-Energy Materials Sector
16,558.90
11:45 01/12/20
Cboe UK 100
814.55
16:30 30/12/24
Cboe UK 100 NTR
901.53
16:30 30/12/24
Cboe UK 350
14,384.93
16:30 30/12/24
Cboe UK 350 NTR
23,725.62
16:30 30/12/24
Cboe UK All Companies
14,267.98
16:30 30/12/24
Cboe UK All Companies NTR
24,213.89
16:30 30/12/24
Cboe UK Non-Energy Materials Sector
10,257.04
16:30 30/12/24
Cboe UK Non-Energy Materials Sector NTR
17,715.43
16:30 30/12/24
FTSE 100
8,121.01
17:08 30/12/24
FTSE 350
4,479.42
17:14 30/12/24
FTSE All-Share
4,437.14
16:55 30/12/24
Mining
9,947.13
17:14 30/12/24
Bloomberg cited people familiar with the matter as saying that executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39bn proposal - currently back on the drawing board after it was rapidly rejected by its target - and its benefits.
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.
According to Bloomberg, BHP’s team aims to engage with President Cyril Ramaphosa’s administration among other key stakeholders, laying out the exact detail of the multi-stage deal, plus the benefits of returning control of Amplats and Kumba to South Africa, with more of their cash flow likely to stay close to home and a larger free float on the Johannesburg Stock Exchange.
South Africa’s state pension fund controls 8.4% of Anglo’s shares - only BlackRock owns more.
Mining Minister Gwede Mantashe told Bloomberg on Wednesday that BHP had not yet contacted his department to explain its plans.
Also the ANC’s national chairperson, he has said that he "wouldn’t support" the deal as currently outlined. The minister has criticized BHP for divesting its South African assets in 2015 through the creation of South 32, only 14 years after its merger with Billiton.