Reported 5 months ago
BHP Group has been granted an additional week to persuade Anglo American Plc on its $49 billion takeover proposal, with discussions ongoing after BHP raised the bid for the third time. The main obstacle remains the disagreement over BHP's insistence on Anglo spinning off its majority stakes in two South African miners before proceeding with the deal. While progress has been made in aligning on valuation, the issue of who will cover costs imposed by the South African government remains a sticking point. The deal, if successful, would create the largest copper producer, but concerns persist over the deal's structure and potential impacts on current shareholders. The deadline for BHP to commit to a firm offer is set for May 29, coinciding with South Africa's national election, with approvals needed from various authorities including competition authorities and the central bank.
Source: YAHOO