Anglo rejects BHP’s takeover bid as being too low and too complex

As widely expected, Anglo American Corporation has rejected the £31m takeover bid from BHP saying it “significantly undervalues Anglo American and its future prospects.”The bid was unanimously rejected by the Anglo board of directors which also commented the BHP proposal “contemplates a structure which the Board believes is highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent in the proposal land significant execution risks.”Anglo chairman Stuart Chambers commented, “the BHP proposal is opportunistic and fails to value Anglo American’s prospects while significantly diluting the relative upside participation of Anglo American’s shareholders relative to BHP’s shareholders.“The proposed structure is also highly unattractive, creating substantial uncertainty and execution risks borne almost entirely by Anglo American, its shareholders and other stakeholders.”Chambers played up Anglo’s business prospects highlighting its copper assets in particular.He commented, “with copper representing 30% of Anglo American’s total production and with the benefit of well-sequenced and value-accretive growth options in copper and other structurally attractive product, the Board believes that Anglo American’s shareholders stand to benefit from what we expect to be significant value appreciation as the full impact of those trends materialises.”Chambers advised Anglo shareholders “to take no action in relation to the possible offer.”The post Anglo rejects BHP’s takeover bid as being too low and too complex appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Zum vollständigen ArtikelWeiter zum vollständigen Artikel bei Mining.com Zum vollständigen Artikel