BHP has UBS, Barclays in corner as it eyes mega Anglo American deal

BHP Group, the world’s largest miner, has brought in UBS and Barclays as it considers one of its biggest acquisitions – London-headquartered Anglo American.

Sources close to the discussions said BHP was keen to “make a move” on the smaller mining group, the world’s largest producer of platinum. But, they said, the potential takeover was at a very preliminary stage. Anglo American is also the second-largest coal exporter in Australia, and mines copper, nickel and diamonds around the world.Of note, Morgan Stanley has been close to Anglo American, putting it in pole position to act as defence advisor for the miner. It would no doubt be aware that BHP’s major rivals, Rio Tinto and Glencore, would also be looking for an angle in what would be one of the biggest shakeups of the resources sector ever.

Bloomberg first reported the discussions between the two miners on Thursday. Anglo American confirmed the mooted deal, telling investors it had received an unsolicited non-binding combination proposal from BHP. The proposal comprises an all-share offer for Anglo American and would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. to Anglo American shareholders, Anglo said.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

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