I will be surprised if this news does not lift all future facing metals stocks tomorrow.
Regards
DFAustralian mining giant BHP Group on Thursday made a nearly $40 billion offer to acquire its U.K.-based rival Anglo American, a deal that could create the world’s largest copper mining company if the deal goes through.
Key Facts
The BHP Group’s proposal is an all-share offer that values Anglo American at around $38.9 billion (£31.1 billion) Bloomberg reported.
BHP told Bloomberg the per-share value of the offer is around $31.36 (£25.08), roughly a 14% premium over Anglo American’s closing price on Wednesday.
Anglo American said its board is currently reviewing the offer.
The British firm added the offer includes a condition requiring it to spin off two of its South African units—Anglo American Platinum and Kumba Iron Ore.
Anglo American’s London-listed shares surged nearly 13% to $31.2 (£24.8) after the offer was reported while BHP’s U.K.-listed shares slumped by 3.51%.
News Peg
If the proposed deal goes through, the merged entity would account for around 10% of the global copper output, making it the world’s biggest copper mining firm, according to Reuters. This is likely a key driving force behind BHP’s offer as copper prices have surged more than 17% since the start of the year and it could rise further, driven by a surge in demand for the metal. Copper is a key material used in the manufacturing of electric vehicles and renewable energy devices like wind turbines, and its demand is expected to rise sharply amid a push for cleaner energy.
Related video: BHP Approaches Rival Miner Anglo American About Takeover(Bloomberg)
BloombergBHP Approaches Rival Miner Anglo American About TakeoverKey Background
Thursday’s offer is BHP’s second major acquisition in the past year after it acquired Australian mining firm OZ Minerals in a $6.27 billion (A$9.6 billion) deal last year. Copper was also a key driving factor for that acquisition.
Big Number
$149.68 billion (A$229.39 billion). That is BHP Group’s current market cap, making it the world’s most valuable mining firm
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