May 13, 2024 12:33 GMT
Anglo American (Baa2/BBB): Second Proposal Rejected
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Anglo spreads may soften a touch, on disappointment that BHP have not come back with something stronger.
- New bid implies a £34bn valuation for Anglo, a 9% improvement on the first approach.
- Still an all-share proposal with no cash component.
- BHP confirmed South African assets would be spun off to Anglo shareholders, which remains a tricky part of any deal.
- Still no other bidders emerging, with conflicting media reports on the level of interest from Glencore and Rio Tinto.
- After again not engaging with BHP, Anglo will be under pressure to reveal the results of its business review. We may get something at the BofA conference this week.
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