BHP Group Limited (NYSE:BHP) reportedly planned to stand firm on the structure and value of its latest takeover proposal for Anglo American Plc. (OTC:AAUKF).
The mining giant now has until May 29 to make a firm bid for Anglo American, or it will be forced to walk away for at least six months under the UK’s takeover rules after being granted a one-week extension on Wednesday.
Some people familiar with the matter said that BHP would spend the next week properly understanding Anglo American’s concerns on an asset-by-asset basis to convince it about the merits of the deal, reported Reuters.
BHP had submitted three unsolicited, conditional proposals, each with the same caveat: Anglo American would be required to execute two complex demergers of its prized South African assets — Anglo American Platinum and Kumba Iron Ore.
Last week, Anglo American turned down BHP’s improved $43 billion acquisition offer.
Baden Moore, analyst at broker CLSA in Sydney, said “BHP’s goal will be to get Anglo American to agree to open its books and allow a further extension.”
Read: BHP’s Acquisition Deadline Approaches As Anglo’s $9B Project Faces Uncertainty
Investors can gain exposure to the stock via Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF (NYSE:CRIT) and Exchange Traded Concepts Trust Range Global Coal Index ETF (NYSE:COAL).
Price Action: BHP shares are up 0.26% at $58.88 at last check Thursday.
Photo: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
