Crunch time as Aussie miner prepares to lift bid for Anglo American
The Australian miner looking to buy Anglo American will this week decide if it is willing to up its £34billion offer.
Melbourne’s BHP has until 5pm on Wednesday to make an offer for the FTSE-100 rival.
Anglo’s board has snubbed two bids so far – the first at £31billion – and said they had ‘significantly undervalued’ it.
The suitor is set to make a decision early this week about tabling an improved offer after a weekend of talks described as ‘on a knife edge’, according to the Sunday Times.
BHP boss Mike Henry spent a few days at a major mining conference in Miami, gauging interest from Anglo investors about a desirable price.
Digging deep: BHP is set to make a decision about tabling an improved offer after a weekend of talks described as ‘on a knife edge’
It wants Anglo to spin off parts of its business so that it could snap up its copper mines for itself. But top Anglo investors have said they would prefer a less complicated deal.
Duncan Wanblad, Anglo boss, has been attempting to fend off the takeover. He intends to offload its De Beers diamond business as well as its South African platinum arm and its coking coal and nickel operations.
