Materials Gain as BHP Makes $39 Billion Anglo American Bid — Materials Roundup

Producers of metals and other raw materials rose amid deal activity.

Shares of De Beers owner Anglo American rallied after reports that BHP, the world's largest miner by market capitalization, had approached its rival with a $39 billion takeover bid could reshape the global industry and create the largest copper miner on earth.

Anglo American may spin off diamond miner and purveyor De Beers and sell it separately. The BHP deal is contingent on Anglo American spinning off two other South African units, an iron miner and a platinum miner.

The dollar weakened against rival currencies in the wake of gross-domestic product data.

Investors appeared to take an up-tick in inflation data in the report with a pinch of salt. The up-tick in first-quarter personal-consumption expenditure index could reflect upward revisions to January and February data rather than a major shock in March, said economists at brokerage Bank of America Global Research.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

April 25, 2024 17:26 ET (21:26 GMT)

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