Investors in Anglo American Bet on Higher Takeover Bid for Miner -- WSJ

Dow Jones04-26

By Ben Dummett

Anglo American rejected BHPs $39 billion takeover proposal but investors appear to be betting on a deal eventually getting done.

-- Based on BHP's closing stock price in Australia, the stock-based approach values Anglo American at about GBP24.27, or $30.36, a share.

-- Anglo American shares recently traded above that level in London, at more than GBP25.

There are several possible reasons for that:

-- Anglo's investors could be betting on a higher bid emerging, either from BHP or an interloper.

-- Acquirers like BHP often end up sweetening their opening salvo to win the assent of a target company's board and investors.

-- Investors might also be hoping Anglo could take matters into its own hands, boosting value by restructuring its operations.

For BHP's part, its stock is likely under pressure because investors realize the miner will need to pay more to clinch the deal. What's more, completing any transaction will be complicated and would come with assets that are not particularly attractive.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 26, 2024 06:30 ET (10:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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