BREAKINGVIEWS-BHP CEO tests his M&A promise in Anglo American

Reuters04-25

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Antony Currie

MELBOURNE, April 25 (Reuters Breakingviews) - Mike Henry has long sworn off overpaying for deals. A 30% premium for its $37 bln smaller rival looks justifiable. The buyer would then become the world’s largest copper miner and gain better iron ore for green steel. The real trial will come if peers like Rio join the fray.

Full view will be published shortly.

Follow @AntonyMCurrie on X

CONTEXT NEWS

Anglo American on April 24 said it has received an unsolicited and non-binding all-share takeover proposal from Australia's BHP.

Anglo said its board is reviewing the offer, and any deal would be conditional on the company splitting off its majority stakes in Anglo American Platinum and Kumba Iron Ore to its shareholders.

Under UK takeover rules, BHP has until May 22 to make a firm offer.

Anglo said in February it would embark on a review of assets after a 94% plunge in annual profit and a series of writedowns.

(Editing by Una Galani and Nivedita Bhattacharjee)

((For previous columns by the author, Reuters customers can click on antony.currie@thomsonreuters.com; Reuters Messaging: antony.currie.thomsonreuters.com@reuters.net))

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