BHP Has Timing Right on Anglo American Bid, Says Investor -- Market Talk

Dow Jones05-06

0256 GMT - BHP has picked the right time to pounce on longtime rival Anglo American, according to Ben Cleary, portfolio manager for the Tribeca Global Natural Resources Fund, which holds shares in both BHP and Anglo. While a takeover would be complicated, if "we are entering a structural change in the copper market over the coming years due to the decarbonization transition, as we believe we are, then BHP needed to act now, no matter the deal complexities," he tells WSJ. BHP has picked a time when Anglo is in a vulnerable position and some peers may arguably find it hard to place a rival bid, says Cleary. There could also be value to be had for BHP in Anglo's diamonds and platinum group metals assets, which are unappealing to many but are top-tier mines in those industries, he says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

May 05, 2024 22:56 ET (02:56 GMT)

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