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BHP Group Ltd. has deployed a senior team including its chief executive officer to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American Plc.
Despite its own historic links, BHP is starting on the back foot in South Africa, where the now London-based Anglo was founded and remains a household name, after its approach for the smaller miner last week caught senior officials off-guard. BHP’s complex proposal includes a plan for Anglo to spin off its Johannesburg-listed platinum and iron ore units before an eventual takeover of the remaining assets.News that BHP wants an Anglo shorn of Kumba Iron Ore Ltd. and Anglo American Platinum Ltd.
Anglo’s South African platinum and iron ore properties are going through troubled times. Amplats is slashing costs in response to slumping platinum prices and Kumba has cut output guidance due to the poor performance of state-run rail and port infrastructure.
If Anglo wants to play a “defense strategy” with shareholders, it can use its “position in South Africa to say it’s going to cost a lot of money in terms of capital gains tax or dividend tax to dividend Kumba and Amplats out to existing shareholders,” Heyl said.
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