Anglo American Share Discussion Threads

[cobourg1] 13/5/2024 17:48

"Anglo American has accelerated plans for delivery of its standalone strategy and will provide a detailed investor update on 14 May 2024."

Presumably they have been working night and day on this plan and will throw everything including the kitchen sink at it in an attempt to remain independent. It's nice that we don't have too long to wait.

Only two members of Anglo's Board will be offered positions on the Board of the combined company. That will be concentrating a few minds, and they were all doing such a wonderful job as well.

[philanderer] 13/5/2024 17:43

Telegraph..


Deutsche Bank analysts said Anglo could simplify its sprawling empire by fully or partially selling luxury diamond brand De Beers and its fledgling polyhalite mine Woodsmith in North Yorkshire.

BHP offer is all stock. A cash element may prove more appealing to Anglo shareholders.

Liberum analysts said: “Given the emphatic ‘no’ from Anglo American’s board on accepting execution risk of demergers pre-deal, it’s no surprise BHP’s revised offer was rejected.

“Clearly, a successful bid probably requires a much higher premium – one that BHP is probably unwilling to pay.”

[philanderer] 13/5/2024 17:36

Mark Kelly, chief executive of MKP Advisors, said that “BHP are clearly reserving the right to go hostile”.

George Cheveley, portfolio manager at Ninety One, an Anglo and BHP shareholder, said his initial reaction to the revised proposal was that “we need to wait and see what Anglo’s own plan is”.

Analysts at RBC said they estimated an offer above £30 per share would be needed to sway all of Anglo’s shareholders.


FT

[jason29] 13/5/2024 17:09

Hmmm... Was hoping for £30, but frankly not sure we are going to get there now. Let's hope the update tomorrow is decent.....

[no dice] 13/5/2024 16:43

The RNS is fairly unequivocal IMO - an offer that's conditional on the demerger of Amplats and Kumba just isn't acceptable.

[redartbmud] 13/5/2024 16:36

Who is the Looney Tune who posts comments the width of a 4 lane motorway.
Could they please desist in future?

red

[philanderer] 13/5/2024 16:04

From the RNS today....


Anglo American has accelerated plans for delivery of its standalone strategy and will provide a detailed investor update on 14 May 2024.

Under Rule 2.6(a) of the Takeover Code, BHP must by not later than 5.00 p.m. on 22 May 2024, either announce a firm intention to make an offer for Anglo American in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies.

This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Takeover Code.

[spier40] 13/5/2024 15:58

looks like 30 is the magic number then the deal will be done gal

[tuftymatt] 13/5/2024 15:07

Yeah £27.53 was never going to cut it and I am surprised BHP didn't come back with £28 something.

I think tomorrow will be interesting between the two CEO's and would then suspect BHP come back with a third and final offer.

Good luck all 👍🏻

[philanderer] 13/5/2024 15:05

Under the potential deal, BHP said it would offer £27.53 a share, including £4.86 in subsidiary Anglo Platinum’s shares and £3.40 in iron ore business Kumba’s shares.

[philanderer] 13/5/2024 14:50

54m ago

13.55 BST

The pressure is now on Anglo to show shareholders how it can deliver more value on its own, says Bloomberg, while BHP will need to improve its offer again for a deal to happen.

Top executives of both companies are at a conference in Miami this week

[philanderer] 13/5/2024 14:48

BHP: Second Anglo American takeover offer has been rejected
Newsflash: Mining giant BHP Billiton has made a second takeover offer for Anglo American, and been rebuffed again.


BHP has told the City that it made its approach on 7 May (last Tuesday), and was “disappointed” to be given the thumbs down today.

BHP says:

The Revised Proposal was rejected by the Anglo American Board on 13 May 2024. BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms.

BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders.

BHP’s new proposal values Anglo American at £34bn, around three billion more than its initial offer of £31bn.

The new all-share offer is worth £27.53 per Anglo American ordinary share, with BHP still proposing that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders.

BHP’s original proposal was worth £25.08 a share. But since the deal came to light last month, Anglo’s shares had surged to around £28 this morning.

Mike Henry, BHP chief executive officer, insists that the deal makes sense, saying:

BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world class businesses.

The combined business would have a leading portfolio of high-quality assets in copper, potash, iron ore and metallurgical coal and BHP would bring its track record of operational excellence to maximise returns from these high-quality assets.

Shares in Anglo American are now falling – they’re down 2% at £27.22.

[tuftymatt] 13/5/2024 13:33

Revised bid of £34bn rejected according to Bloomberg.

Good luck all 👍🏻

[eggbaconandbubble] 13/5/2024 10:55

If they were previously on 2300, they must have been asleep!!!!

[philanderer] 13/5/2024 09:49

RBC raises Anglo American price target to 3,100 (2,300) pence - 'outperform'

[eggbaconandbubble] 12/5/2024 14:57

Cobourg, Thanks.

[cobourg1] 12/5/2024 12:32

From Bloomberg, here you go..

Anglo American Plc’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group Ltd.’s takeover bid.

Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world’s biggest miner.

Now, Anglo shareholders have been urging the company to expedite that analysis and explain to investors how it would create more value than by just selling to the rival, according to conversations with five of Anglo’s biggest holders, who asked not to be identified as the discussions are private.

Anglo may unveil the strategy as soon as the coming week, when the world’s top mining bosses attend Bank of America Corp.’s annual conference in Miami, according to people familiar with the matter.

Still, the situation remains fluid and Anglo is weighing the best time to show its hand, with BHP expected to return with a fresh bid and activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders, potentially planning to make its views public too.

An Anglo spokesman declined to comment.

Read more: South African Unions Urge Anglo Holders To Reject BHP Bid

Anglo Chief Executive Officer Duncan Wanblad told investors in February that while there was urgency about the company’s review, there was a danger of making decisions at a wrong point in the cycle.

The mining industry has been captivated by BHP’s move, watching to see what comes next. BHP likely will return with a fresh offer, but sitting on the sidelines is Elliott.

BHP presented its own vision for Anglo: separate two giant South African businesses and buy the rest, including the company’s copper mines, its crown jewels.

Read more: BHP CEO Flies to South Africa to Push $39 Billion Takeover

Anglo quickly dismissed BHP’s proposal, saying the value was too low and the spinoff plan was unworkable. Still, investors want to know what Anglo plans to do with the diamond business De Beers, the $9 billion Woodsmith fertilizer project underway in northern England, and those South African units.

Investors have pushed the company to slow spending on Woodsmith, bring in a partner, or even halt development altogether, some of the people said. The company is currently spending about $1 billion a year on the project.

In addition, some see De Beers as a strange fit for Anglo — diamonds are a discretionary product and require significant marketing in a way other commodities don’t — and its growth options are limited.

Still, De Beers is seen as a trophy asset, so while diamonds are at a low point, Anglo won’t accept a lowball offer.

— With assistance from Loukia Gyftopoulou and Jack Farchy

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[eggbaconandbubble] 12/5/2024 08:40

Phil, Please can you cut and paste that? Looks interesting.

[philanderer] 11/5/2024 20:34

Anglo Investors Tell Company to Move Faster to Survive BHP Bid


++ Shareholders want to know if turnaround plan beats selling

++ Miner may unveil new strategy at Bank of America conference

[pander45] 11/5/2024 13:22

Which is exactly what I said when you were advocating 28.

[philanderer] 11/5/2024 10:08

Morning guys.

I'd take 3000p if it was on the table.

[bargainsniper] 11/5/2024 08:42

I'd be pleased if Rio seals a deal

[tuftymatt] 11/5/2024 08:12

It's clear if the two heads get together the simple question of what's this going to cost to get done will be tackled in some way, shape or form.

BHP / Mike Henry clearly wants this as why bother with a face to face if he had no intention of raising his opening bid. With almost 2800 seen yesterday I now feel the market thinks it will go for closer to 30000.

Was 2500 mentioned as the number around the 31bn offer. If so circa 40bn would equal 32500!!

Good luck all 👍🏻

[philanderer] 11/5/2024 00:51

Anglo American PLC (LSE:AAL), the mining company, saw its shares rise 1.5% after reports indicated Rio Tinto might be interested in making an offer.

The FTSE 100 miner has been at the centre of takeover interest from industry rivals.

Last month, the group rejected an offer from BHP as management claimed it significantly undervalued the company.

Last week, reports revealed Glencore was mulling a bid.

Now it's Rio Tinto's turn, with Australian reports indicating it was also considering tabling an offer.


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