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“Having set out the results of our strategy review and the changes we will be making to our portfolio, this is an appropriate measure,” a spokesman told the news agency. “Clearly there will be exceptions for critical roles.”, stating the offers continue to considerably undervalue the company. Shareholders in both companies have said they expect the world’s largest miner toplans to spin out or sell some of its legacy assets in an attempt to protect itself from current and future bids.
The move will take Anglo from being the most diversified to the most concentrated major miner, leaving it in a position from which it would be easier to fend off unsolicited bids. Given the lack of engagement from Anglo’s board, analysts predict that BHP will either withdraw the acquisition bid or pursue a hostile takeover. The mining giant has until May 22 to submit a formal offer under the U.K. takeover regulations.
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