BHP Group's options for its pursuit of rival miner Anglo American include sweetening its $42.7 billion buyout offer, making a hostile bid or walking away for now as it approaches a May 22 deadline to lodge a binding offer.
Item 1 of 2 The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File PhotoAnglo rejected first two attempts, laid out restructuring planinclude sweetening its $42.7 billion buyout offer, making a hostile bid or walking away for now as it approaches a May 22 deadline to lodge a binding offer.
That plan met with a mildly supportive response from Anglo investors, who said it provided a strategy but was short on details. A top 25 Anglo investor said that there was nothing compelling about the company's restructuring proposal, which resulted in shares closing 3.2% lower at 26.195 pounds on Tuesday, below BHP's latest offer of about 27.53 pounds per share.
It has also flagged execution risk after Anglo's management did not follow through on a 2016 vision of a "new Anglo" that would simplify the miner's structure into a core portfolio of diamonds, platinum group metals and copper.
ANV MTPIX EREP ANLINS BACT BIZ BMAT BMAT08 CMPNY COAM DEAL1 DIVMIN ENER ENFF ENG MEMI MIN MINE MINE08 MRG MTAL MTAL08 NEWS1 PREC PREC08 PRECAL PUBL GB WEU EUROP AU EMEA AUNZ ASIA FIN ENERGY
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