BHP weighs potential takeover of Anglo American

BHP, the world’s largest miner, is considering a potential takeover of Anglo American, people with knowledge of the matter said, in what would rank as one of the year’s biggest deals.

The mining giant has recently been evaluating the possibility of a bid for London-listed Anglo American, the people said, asking not to be identified discussing confidential information.Credit:Shares of Anglo American have fallen 12 per cent over the last 12 months, giving the company a market value of £27 billion .Deliberations are at an early stage and there’s no certainty that BHP will decide to proceed with a deal, the people said.

Anglo American reported a steep fall in 2023 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 $US1.6 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.

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