BHP lobs takeover bid for $56b Anglo American

Already a subscriber?BHP has lobbed a takeover bid for $56 billion British resources heavyweight Anglo American in what would be one of the biggest deals in mining this year.

London-listed Anglo American confirmed the all-scrip offer from BHP on Thursday, but did not disclose the offer price. Ahead of any transaction, Anglo-American would spin off its Anglo American Platinum and Kumba Iron Ore divisions to its shareholders.Anglo American has a number of mines in Australia, including coal operations in Queensland.

Anglo American has steel-making coal and manganese mines in Australia and is one of the world’s biggest copper producers. It also produces nickel, diamonds, iron ore and platinum from mines spread across Brazil, China, Peru and South Africa.Shares of Anglo American have fallen 12 per cent over the past 12 months, giving the company a market value of £27 billion. BHP has a market value of about $230 billion.

Anglo American reported a steep fall in profit and lowered its dividend after a slump in key commodities it produces. In recent months, it has written down the value of its De Beers diamond unit by $1.6 billion and dramatically slashed its copper production goals. The company has also proposed cutting 3700 jobs across its South African platinum operations and took a writedown on its nickel business.writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau.

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