(Bloomberg) -- BHP Group Ltd.’s audacious approach for Anglo American Plc stands to reshape the global mining industry if it succeeds as planned, and...
-- BHP Group Ltd.’s audacious approach for Anglo American Plc stands to reshape the global mining industry if it succeeds as planned, and antitrust authorities from China to South Africa and Japan are likely to play as important a role as shareholders in determining the final outcome.
“Glencore’s bid for Xstrata came at a time when the China demand story had already been driving the copper price for more than a decade and there were some questions over how long that had to run further,” said Craig Lang, principal analyst at CRU Group. “It was pre the green-energy transition, which is driving the demand outlook today.”
Of course, China could still benefit from the deal, if metals heavyweights like China Minmetals Corp. acquire assets that BHP wants to — or is forced to — divest.Anglo may have its roots in South Africa, but BHP’s putative deal envisages the spinoff of its controlling stakes in local platinum and iron ore companies to its shareholders as a condition. With the country due to head to the polls, that’s already touched a nerve.
Chile’s competition authority, meanwhile, has declined to comment on any antitrust issues given it hasn’t been notified of, or studied, the BHP proposal.Japanese authorities are also likely to run the slide rule over any transaction, in part because adding Anglo’s coal and iron ore mines in Australia and Brazil to BHP’s already extensive portfolio could rattle Japanese steel mills, which rely heavily on external supplies.
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