I meant, market should have been pricing some of the top up....

I meant, market should have been pricing some of the top up. Normally top up should be relatively small, but idk.
I think it's very important company to be very discipline and not just looking after prestige of copper.

Looking at Dec 23, Anglo issue should be mostly in Africa, Kumba and Platinum.
Mining share is relatively muted from early year, therefore the accumulation and appreciation past 1 month might likely be related to the offer.

Anglo is ~44B$ and BHP is ~150B$.
A+B should be 0 until merger value is unlocked, otherwise company will just do M&A.
However we have to consider market appreciation in past few days as well ~few %.
Therefore I think it's not that far unless of course the company is not discipline.

Anglo should be relatively lucky to have this offer. If they can unlock Africa, that seems half already but it seems they already have the difficulty?
Perhaps calling bigger boys? And this is a big boy play, I think it will complete.

Again only few mins analysis, idk.