- Olympic torch relay in Marseille offers 'solidarity' with Ukraine
- Jorginho targets silverware after signing new Arsenal deal
- Stormy Daniels back in the Trump trial hot seat
- Scientists win World Food Prize for work on Global Seed Vault
- London, Frankfurt stocks hit record highs on rate-cut hopes
- Israel hits Rafah despite US warning on arms transfers
- Atletico win appeal over racist abuse sanction
- Nepal's nature threatened by new development push: conservationists
- Russell returns from injury to bolster Bath's bid for Premiership title
- Cate Blanchett to be honoured by San Sebastian film festival
- Charity warns Italy's ban on NGO planes risks lives
- Celtic captain McGregor urges Hoops to 'stay calm' against Rangers
- Olympic javelin champion Chopra targets 90m mark in Doha
- Norris backs McLaren to mount 2025 F1 title bid after Miami win
- London, Frankfurt hit record highs on rate-cut hopes
- UK's Cameron urges NATO countries to boost defence spending
- Bank of England holds rate at 16-year high, signals looming cut
- Spanish court shelves Shakira tax fraud case
- Bayern face uncertain future after Champions League exit
- Rafah struck after Biden warning on arms transfers
- European stocks stutter before Bank of England rate call
- Italian tennis star Giorgi retires
- Inevitable Madrid continue Champions League love affair
- Nissan net profit nearly doubles despite China challenges
- Spain vows to block BBVA's hostile bid for rival bank
- Olympic torch relay sets off in Marseille
- Blackstone wins bidding war for UK music rights firm
- Famed Thai holiday isles suffer water shortages after heatwave
- Nissan annual net profit nearly doubles on-year
- Putin says nuclear forces 'always' on alert in Victory Day speech
- Chinese cities lift curbs on buying homes as property crisis bites
- Malaysian team pulls out of season opener after footballer acid attack
- Japan's Mount Fuji barrier delayed
- Markets' rally stutters as traders eye rate cut outlook
- Spanish bank BBVA goes hostile in Sabadell takeover bid
- S. Korea president admits 'shortcomings' in rare address
- Romania opens first crowd-funded hospital
- Swift and Beyonce show the lucrative pop-fashion liaison
- Struggling Crusaders boosted by return of All Blacks pair
- Kewell seeks coaching redemption in AFC Champions League final
- Malaysian team pulls out of showpiece after footballer acid attack
- Israel shells Rafah as Biden vows arms suspension
- Taylor Swift European dates kick off in Paris
- Moscow children celebrate 'victory' amid patriotic education drive
- Hurricanes braced for breakdown storm in Super Rugby showdown
- Chinese city lifts curbs on buying homes as property crisis bites
- Crespo-Kewell Champions League rivalry renewed in Asian final
- S. Korea vows strong Ukraine ties, smooth Russia relations
- Japan's former world figure skating champion Uno, 26, retires
- Battling Brunson fires Knicks over Pacers
RIO | 1.24% | 69.885 | $ | |
BTI | 0.17% | 30.21 | $ | |
CMSC | 0.45% | 24.25 | $ | |
BCC | -0.16% | 133 | $ | |
SCS | -0.04% | 12.805 | $ | |
BP | 0.99% | 37.904 | $ | |
CMSD | -0.02% | 24.426 | $ | |
BCE | 1.02% | 33.965 | $ | |
JRI | 0.6% | 11.635 | $ | |
RBGPF | 5.2% | 59.334 | $ | |
NGG | 0.87% | 70.45 | $ | |
GSK | 0.69% | 44.445 | $ | |
RELX | 0.42% | 43.12 | $ | |
AZN | 0.34% | 77.235 | $ | |
RYCEF | 1.57% | 5.405 | $ | |
VOD | 1.34% | 8.575 | $ |
Miner Anglo American rejects BHP's $38.8 billion takeover bid
British mining giant Anglo American on Friday rejected a blockbuster $38.8-billion takeover bid from Australian rival BHP, slamming it as "highly unattractive" and "opportunistic".
The snub came one day after BHP had launched its colossal bid, which aims to create the world's biggest listed copper producer and reshape the global mining sector.
"The board has considered the proposal with its advisers and concluded that the proposal significantly undervalues Anglo American and its future prospects," the London-listed company said in a statement.
"The proposal contemplates a structure which the Board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks.
"The board has therefore unanimously rejected the proposal," it added.
The group advised shareholders to take no action over the gigantic offer, which would first hinge on Anglo splitting off its platinum and iron ore holdings in South Africa.
BHP is keen to obtain the group's global copper assets that include operations in Chile and Peru.
"The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," said Anglo chairman Stuart Chambers.
"The proposed structure is also highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders."
He added that copper represents 30 percent of total production of Anglo, which stands to benefit from "significant value appreciation" arising from strong future demand.
"Anglo American is well positioned to create significant value from its portfolio of high quality assets that are well aligned with the energy transition and other major demand trends," noted Chambers.
The offer, which was pitched at £25.08 per share, caused Anglo stock to surge 16 percent in value on the London stock market on Thursday.
- Critical copper -
Chambers insisted that the group was committed to its growth strategy.
"Anglo American has defined clear strategic priorities -- of operational excellence, portfolio, and growth -- to deliver full value potential and is entirely focused on that delivery."
Both Anglo and BHP have been wrestling with the transition away from traditional money makers such as gas and coal, increasingly eyeing opportunities to mine metals and critical minerals.
Copper is critical to the world's transition to renewable energy because it is vital for technology like electric vehicles, solar panels, wind turbines and energy storage.
Before the transition copper was primarily used in construction, electrical wiring and kitchen utensils.
But its exceptional conductivity and ductility -- the capacity to bend without breaking -- have made it a crucial product for the renewable energy industry.
M.Furrer--BTB