Anglo to run investor gauntlet after rejecting BHP’s $60b bid

The Australian Financial Review04-28

BHP is eyeing Anglo American as a way to increase its copper exposure and Ben Cleary, portfolio manager of the Tribeca Global Natural Resources Fund, said the consensus was that the Australian mining ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnglo to run investor gauntlet after rejecting BHP’s $60b bid\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-28 14:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.afr.com/companies/mining/anglo-to-run-investor-gauntlet-after-rejecting-bhp-s-60b-bid-20240428-p5fn4a><strong>The Australian Financial Review</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BHP is eyeing Anglo American as a way to increase its copper exposure and Ben Cleary, portfolio manager of the Tribeca Global Natural Resources Fund, said the consensus was that the Australian mining ...</p>\n\n<a href=\"https://www.afr.com/companies/mining/anglo-to-run-investor-gauntlet-after-rejecting-bhp-s-60b-bid-20240428-p5fn4a\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://www.afr.com/companies/mining/anglo-to-run-investor-gauntlet-after-rejecting-bhp-s-60b-bid-20240428-p5fn4a","article_id":"2430080308","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2430080308","pubTimestamp":1714286700,"sourceInfo":{"source_id":"afr_stock","name":"The Australian Financial Review"},"weMediaInfo":null,"summary":"BHP is eyeing Anglo American as a way to increase its copper exposure and Ben Cleary, portfolio manager of the Tribeca Global Natural Resources Fund, said the consensus was that the Australian mining ","collect":0,"end_time":0,"defaultTopTitle":"afr.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4168":"多种金属与采矿","XJO.AU":"标普/澳交所 200指数","BHP.AU":"BHP GROUP LTD","BK4588":"碎股","XKO.AU":"标普/澳交所 300指数","BK7511":"ESG概念","BK7507":"资源股","BK7095":"多种金属与采矿","BHP":"必和必拓公司","XAO.AU":"标普/澳交所 普通股指数"},"translate_title":"英美资源集团拒绝必和必拓600亿美元的出价后，将面临投资者的挑战","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BHP":1,"BHP.AU":1,"XAO.AU":0.71,"XJO.AU":0.71,"XKO.AU":0.71},"content_text":"BHP is eyeing Anglo American as a way to increase its copper exposure and Ben Cleary, portfolio manager of the Tribeca Global Natural Resources Fund, said the consensus was that the Australian mining giant’s offer would need to be increased to succeed.“It’s well-timed because it’s really only Rio Tinto and Saudi Arabia that are able to compete on the offer,” Mr Cleary told The Australian Financial Review.“It’s very on-strategy [for] BHP – they’ve been telling us for years how much they love copper, and it hasn’t been a big part of the portfolio and this gets them there and they get a whole load of market synergies.”The bid valued Anglo at around £25.08 a share.Mr Cleary argued that Anglo was “on their knees a bit”. “They’ve come from £40, they’ve been trading at £20 and get a bid at £25 … on that basis [BHP] could probably pay a little more.”He concluded: “BHP will be somewhat disciplined but they can still be £30 and get a good deal.”AdvertisementBHP’s all-share gambit valued the target at £31.1 billion ($59.57 billion) but fluctuates with BHP’s share price. Anglo investors were pitched 0.7097 BHP shares for every share they own in the target, plus a pro rata distribution of Anglo’s shares in the listed Anglo Platinum and Kumba iron ore businesses.Barrenjoey analyst Glyn Lawcock told clients, using consensus financial estimates, the initial proposal looked to be 4 per cent accretive to BHP on a 2025 enterprise value to EBITDA basis, and 5 per cent dilutive on an earnings per share basis. But this was before accounting for cost efficiencies, which he estimated could exceed $US400 million annually.RBC Capital Markets analyst Kaan Peker told clients that the deal ratio suggested an accretive transaction with BHP “underpaying for synergies, at a reasonable forward multiple”.“However, our concern still rests with the divergent commodity mix, geographic split and increased complexity with the [merged entity] and the final composition of the portfolio,” he said. “Besides integrating the copper and arguable [steel-making] coal assets, we struggle with the justification of the transaction.”One of Anglo American’s shareholders will be paying particularly close attention: activist hedge fund Elliott Investment Management. On the weekend, Bloomberg reported Elliott had built a roughly $US1 billion stake in Anglo American, giving it 2.5 per cent of the miner and placing it among its 10 biggest shareholders.One of the Anglo American board members up for re-election is Australian Ian Ashby, who started his 40-year career as an underground metal miner in Queensland’s Mount Isa.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430080308"}