Anglo American PLC has rejected an unsolicited, non-binding, and highly conditional combination proposal from BHP Group Limited. The proposal included an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders. The Board concluded that the Proposal significantly undervalues Anglo American and its future prospects and unanimously rejected it. Stuart Chambers, Chairman of Anglo American, stated that the proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders. Anglo American shareholders are advised to take no action in relation to the possible offer, and a further announcement will be made as and when appropriate. BHP must announce a firm intention to make an offer for Anglo American by 22 May 2024, or announce that it does not intend to make an offer. This announcement is not being made with the agreement or approval of BHP.
For further information, please contact:
Anglo American
Media
Investors
UK
James Wyatt-Tilby
[email protected]
Tel: +44 (0)20 7968 8759
Marcelo Esquivel
[email protected]
Tel: +44 (0)20 7968 8891
Rebecca Meeson-Frizelle
[email protected]
Tel: +44 (0)20 7968 1374
South Africa
Nevashnee Naicker
[email protected]
Tel: +27 (0)11 638 3189
Sibusiso Tshabalala
[email protected]
Tel: +27 (0)11 638 2175
UK
Paul Galloway
[email protected]
Tel: +44 (0)20 7968 8718
Tyler Broda
[email protected]
Tel: +44 (0)20 7968 1470
Emma Waterworth
[email protected]
Tel: +44 (0)20 7968 8574
Juliet Newth
[email protected]
Tel: +44 (0)20 7968 8830
Michelle Jarman
[email protected]
Tel: +44 (0)20 7968 1494