Anglo American shares rise on report Glencore may make rival offer

Dow Jones05-03

MW Anglo American shares rise on report Glencore may make rival offer

By Steve Goldstein

Shares of Anglo American rose on Friday after a report that Glencore was considering making a rival offer for the mining company.

Reuters reported, citing two unnamed sources, that Glencore has been having internal discussions about making such a bid, after BHP's $39 billion proposal was rejected.

BHP has until May 22 to make a formal bid.

Anglo American shares (UK:AAL) rose 3% to 2750 pence, its highest level in more than a year. Glencore shares (UK:GLEN) slipped 2%, while BHP (UK:BHP) (AU:BHP) $(BHP)$ was steady.

Ahead of the report, analysts at Liberum had raised their target price on Anglo American to 2750 pence. They had said Rio Tinto (UK:RIO) was the most likely "interloper."

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 03, 2024 04:10 ET (08:10 GMT)

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

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