Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
• AALLN spreads remain at the tights vs BHP, ~18bp tighter since the story broke. We see another ~15bp of upside on a successful takeover.
• Recent news flow points to a lower likelihood of success in our view. Anglo has accelerated release of their strategy update and refused to engage with BHP. BHP meanwhile has indirectly appealed to Anglo shareholders and emphasised capital discipline.
• No other bidders have emerged with some media reports citing a lack of interest from Glencore and Rio Tinto for an outright bid.
• BHP has until May 22nd to act, with Anglo unlikely to agree to an extension as things stand. It also has the option to wait for Anglo to execute its spin offs and reengage later.
• BHP could bid against itself again to try and bring Anglo to the table, but we would but the chances at less than 50%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.