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BHP Group can’t cherry-pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, concerned that they stand to lose heavily by holding shares in South African subsidiaries.
Anglo said the unsolicited proposal significantly undervalued the company and introduced uncertainty, complexities, and execution risk. “BHP could just make it a clean offer and then it’s up to them to deal with the un-bundling of the shares,” the source said. “When the deal goes through they un-bundle Amplats and Kumba to their shareholders.”
“BHP wants to buy the good bits without any of the friction of disposing of the bad bit. It’s by no means clear what the de-mergers would mean for the relationship with the South African government and what the underlying commodity prices will do over that period,” Davidson added.
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