South African Unions Urge Anglo Shareholders To Reject BHP Bid

Bloomberg05-07

(Bloomberg) -- South Africa’s biggest labor union federation urged local shareholders, including the powerful Public Investment Corp., to oppose BHP Group Ltd.’s bid to buy Anglo American Plc. Most ...

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Jack Dorsey Leaves Bluesky Board, Calls X ‘Freedom Technology’。At $2 Million Per Minute, Treasuries Mint Cash Like Never Before. The Congress of South African Trade Unions, which includes the National Union of Mineworkers among its members, said a deal wouldn’t be in the national interest. South African shareholders hold about 26% of Anglo, with the PIC owning 8.4%, according to data compiled by Bloomberg.The presidency has rejected the premise that BHP’s approach is vote of no-confidence in South Africa, after the opposition presented the bid as a stinging rebuke of the government’s handling of the economy in a country with one of the world’s highest unemployment rates and deteriorating infrastructure.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4168":"多种金属与采矿","BHP":"必和必拓公司","BHP.AU":"BHP GROUP LTD"},"translate_title":"南非工会敦促英美资源集团股东拒绝必和必拓的出价","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BHP":1,"BHP.AU":0.9},"content_text":"(Bloomberg) -- South Africa’s biggest labor union federation urged local shareholders, including the powerful Public Investment Corp., to oppose BHP Group Ltd.’s bid to buy Anglo American Plc. \nMost Read from Bloomberg\n\nIsrael Says a Cease-Fire Plan Backed by Hamas Falls Short\nJack Dorsey Leaves Bluesky Board, Calls X ‘Freedom Technology’\nAt $2 Million Per Minute, Treasuries Mint Cash Like Never Before\nEx-Trump Controller Says Cohen Repaid From Personal Account\nRussians Are Coming to Terms With Putin’s War in Ukraine\n\nThe Congress of South African Trade Unions, which includes the National Union of Mineworkers among its members, said a deal wouldn’t be in the national interest. South African shareholders hold about 26% of Anglo, with the PIC owning 8.4%, according to data compiled by Bloomberg. \nBHP’s proposal to acquire Anglo on April 25 raised the ire of some members of South Africa’s government, including Mines Minister Gwede Mantashe. The Australian company responded by deploying a senior team including its chief executive officer to South Africa to win over government officials, regulators and local Anglo shareholders.\nBHP’s proposal includes a plan for Anglo to spin off its Johannesburg-listed platinum and iron ore units before an eventual takeover of the remaining assets. Anglo, founded in Johannesburg in 1917, also owns manganese and diamond mines in South Africa. While the miner was the bedrock of the South African economy for decades, it shifted its headquarters to London in the late-1990s.\nAnglo rejected the initial bid, but BHP is expected to make an improved offer, Bloomberg has reported. The PIC, which manages the pensions of government workers, has said it will assess any BHP offer.\n“Cosatu is deeply concerned about the possible sale of Anglo assets in South Africa to BHP,” the union federation said in comments sent to Bloomberg on Tuesday. “It is critical that South African shareholders, including the PIC, ensure these assets remain South African-owned.”\nBHP has said that under its offer, Anglo’s controlling interests in Kumba Iron Ore Ltd. and Anglo American Platinum Ltd. would be distributed to the company’s investors. That would give Anglo shareholders direct access to those companies’ dividends and future value, while allowing them to calibrate their exposures to those businesses, it said.\nCosatu is a key ally of South Africa’s ruling African National Congress and President Cyril Ramaphosa was a co-founder of the National Union of Mineworkers. The bid from BHP comes before a national election later this month, which could see the ANC lose its majority for the first time since winning power in 1994. \nThe presidency has rejected the premise that BHP’s approach is vote of no-confidence in South Africa, after the opposition presented the bid as a stinging rebuke of the government’s handling of the economy in a country with one of the world’s highest unemployment rates and deteriorating infrastructure.\nRead More: BHP CEO Flies to South Africa to Push $39 Billion Takeover\n“These companies were built on the back of South African mine workers and pension funds,” Cosatu said. “The profit they generate is needed to grow the economy and create decent jobs.”\nBHP is targeting Anglo for its South American copper mines, which would make it the world’s biggest producer of the key metal.\nAnglo’s South African operations have been hamstrung by fractious labor relations, power outages and the deterioration of the national freight rail company. Its Kumba unit has had to stockpile the steelmaking raw material because there aren’t enough trains to take it to a port.\n--With assistance from Thomas Biesheuvel and William Clowes.\nMost Read from Bloomberg Businessweek\n\nChris Dixon’s Campaign to Overhaul Crypto’s Grifty Reputation\nThe State of Crypto Is Anything But Strong\nWhy Banks These Days Are So Excited About Being Boring\nAI Is Helping Automate One of the World’s Most Gruesome Jobs\nWill GM Regret Kicking Apple CarPlay off the Dashboard?\n\n©2024 Bloomberg L.P.","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/2433275533"}