BHP Group can't cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, concerned that they stand to lose heavily by ...
JOHANNESBURG/LONDON - BHP Group can't cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, concerned that they stand to lose heavily by holding shares in South African subsidiaries.
If the BHP proposal goes ahead, Anglo investors "could be stuck with three pieces of paper for a deal that could take a long time to close," a source at a Cape Town-based fund manager told Reuters. Amplats and Kumba's share prices could also come under significant selling pressure if the units were demerged, as several shareholders would not be able to hold the stocks as these are in South Africa, another source familiar with the companies said.
BHP has until May 22 to submit a binding offer and investors anticipate the company to sweeten its bid. "Anglo must tell BHP they don't like the deal or that they should buy the whole company, BHP can't cherry-pick," another source said.
Anglo American Foreign Investors Kumba Iron Ore Amplats South African BHP Group Unsolicited Proposal
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