April 26, 2024 06:37 GMT
Anglo American (Baa2/BBB): Rejects BHP
BASIC INDUSTRIES
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• As we noted yesterday, the implied premium of 13% was modest. Unsurprisingly, Anglo view this as undervaluing the company describing the approach as “opportunistic”.
• They also state that the structure is unattractive.
• Reading between the lines, if anything Anglo would want a higher price and a cash component to come to the table.
• Expect AALLN spreads to give back some but not all of yesterday's gains.
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