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stands to reshape the global mining industry if it succeeds as planned, and antitrust authorities from China to South Africa and Japan are likely to play as important a role as shareholders in determining the final outcome.
Beijing has established form when it comes to forcing an acquiring company into select divestments to secure antitrust approval. In 2013, Glencore Plcits $30 billion takeover of Xstrata Plc — but after agreeing to sell the Las Bambas copper mine in Peru, following concerns raised by China’s regulator. The asset went to a Chinese producer.Since then, however, much has changed. It’s unclear Beijing would, in 2024, be able to impose a penalty and benefit from the remedy.
WilmerHale law firm partner Lester Ross said that Beijing would have concerns, stressing that China would want to ensure supply is unaffected. “The most important thing — more than the price setting — is simply access to, and control of, the resource,” Ross said. A keenly contested race, this month’s election could see the ruling party lose its majority for the first time since the African National Congress came to power in 1994. The opposition has already presented BHP’s bid as a stinging rebuke of the government’s handling of the economy in a country with one of the world’s highest unemployment rates and deteriorating infrastructure.
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