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BHP CEO Says Still Confident in Merits of Rejected Anglo American Takeover Proposal

By Rhiannon Hoyle


BHP Group's chief executive said he remains confident in a sweetened takeover proposal for Anglo American rejected by directors, adding that it will be up to the London-listed miner's shareholders to judge a competing restructuring plan that would include offloading its platinum and diamonds operations.

Earlier Tuesday, Anglo American laid out plans to jettison a number of assets and focus more on commodities linked to green energy, especially copper, as it seeks to shore up support from investors after rejecting a revised $43 billion takeover bid from BHP, the world's No. 1 miner.

Speaking at an industry conference in Miami on Tuesday, BHP CEO Mike Henry declined to comment on Anglo American's proposed breakup, except to say that shareholders will need to judge whether they are confident the company can deliver on its plans.

"The Anglo plan doesn't have a direct bearing [on BHP's proposal], other than it, you know, perhaps gives shareholders greater clarity about the choice that they have ahead of them," said Henry.

"What I can say is that I am wholly confident in the merits of our proposal," he said. A tie-up of BHP and Anglo American would have meaningful benefits, including in procurement and marketing, he said.

Henry said he couldn't comment on whether BHP might reconsider its proposal being contingent on Anglo American spinning off shareholdings in two South Africa-listed units, citing U.K. takeover rules. However, he said the mining industry has a long track record of successful spinoffs and that BHP sees its proposal as "wholly executable."


Write to Rhiannon Hoyle at


(END) Dow Jones Newswires

May 14, 2024 10:49 ET (14:49 GMT)

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