Unions urge Anglo shareholders to reject BHP bid

South Africa’s biggest labour union federation urged local shareholders, including the powerful Public Investment Corporation , to oppose BHP Group’s bid to buy Anglo American.

Anglo rejected the initial bid, but BHP is expected to make an improved offer, Bloomberg has reported. The PIC, which manages the pensions of government workers, has said it will assess any BHP offer.Imagine South Africa without Anglo American BHP has said that under its offer, Anglo’s controlling interests in Kumba Iron Ore and Anglo American Platinum would be distributed to the company’s investors. That would give Anglo shareholders direct access to those companies’ dividends and future value while allowing them to calibrate their exposures to those businesses, it said.

“These companies were built on the back of South African mine workers and pension funds,” Cosatu said. “The profit they generate is needed to grow the economy and create decent jobs.”

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