Anglo American shares rise on report Glencore may make rival offer
By Steve Goldstein
Shares of Anglo American rose on Friday after a report that Glencore was considering making a rival offer for the mining company.
Reuters reported, citing two unnamed sources, that Glencore has been having internal discussions about making such a bid, after BHP's $39 billion proposal was rejected.
BHP has until May 22 to make a formal bid.
Anglo American shares (UK:AAL) rose 3% to 2750 pence, its highest level in more than a year. Glencore shares (UK:GLEN) slipped 2%, while BHP (UK:BHP) (AU:BHP) (BHP) was steady.
Ahead of the report, analysts at Liberum had raised their target price on Anglo American to 2750 pence. They had said Rio Tinto (UK:RIO) was the most likely "interloper."
-Steve Goldstein
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05-03-24 0410ET
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