You hit the nail on the head there! BHP is trying to get those of Anglo-America assets that fit its portfolio and strategic aspirations - and that is mostly its copper. So the declared intent so far is to NOT get AA's South African assets (ie the Platinum and Iron Ore - another reason for not getting the iron ore is competition authority concerns). The undeclared intent IMO is to then dispose of "non-core" assets including "too small for BHP" assets - so I expect that S32 might want to pick up one or more of those if the price is right. Time is somewhat on S32's side as it now has time to run the ruler over those of interest and be in a position in 12-24 months to make an offer/offers (as the AA take-over process if it eventuates will take some time). And if the BHP takeover of AA does not proceed, well, AA may want to improve its reputation and financial standing by disposing of some of those businesses anyway.
Watch and Wait.!
PS ... and another idle wondering and speculation relevant to BHP (not S32) - I wonder whether the Brazilian iron ore assets of a taken-over AA might be bundled together with Samarco (assets and seemingly endless liabilities) to create an arrangement suitable to governments, courts and communities that would conclude BHP's somewhat open-ended financial and reputational liabilities.
S32 Price at posting:
$3.31 Sentiment: Buy Disclosure: Held
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