Anglo American Confirms Receipt Of Unsolicited Proposal From BHP

(RTTNews) - Responding to recent press speculation, Anglo American Plc. (AAUKY.PK, AAL.L) confirmed that it has received an unsolicited, non-binding and highly conditional combination proposal from BHP Group Limited (BHP.AX, BLT.L, BBL, BHP). It is currently reviewing the proposal with its advisers.

The proposal consists of an all-share offer from BHP for Anglo American, contingent upon Anglo American undertaking separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. Both aspects of the proposal are mutually dependent.

There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made, Anglo American said in a statement.

As per the U.K. rule, BHP must by not later than 5.00 p.m. on 22 May 2024, either announce a firm intention to make an offer for Anglo American or announce that it does not intend to make an offer. The deadline will only be extended with the consent of the Takeover Panel.