BHP Approaches Rival Miner Anglo American About Takeover

BHP Approaches Rival Miner Anglo American About Takeover

[CC may contain inaccuracies] We’re hearing from BHP, the world’s
biggest miner.
It’s said to have approached Anglo
American about buying the 107 year old
company.
And this could be the biggest shake up
of the global mining industry in more
than a decade.
So for more on this Bloomberg scoop,
we’re joined by commodities reporter
Martin Ritchie.
Martin, what more do we know about this?
So far we’ve had confirmation from
Anglo-American, which is BHP target,
that they have received a proposal from
BHP.
And as you said, Paul, this would be a
really big mining deal and perhaps one
of the biggest many deals this year.
Now BHP is the world’s biggest miner.
It produces everything from iron ore to
to copper and nickel.
Anglo has a similar profile, a lot of
different commodities.
But what’s really the key here, I think,
is is copper.
Anglo has a substantial production in
copper and as anyone who watches the
commodity space know knows there’s a lot
of interest in buying copper around the
world because people think there’s going
to be, you know, a decade plus of very
rapid demand growth.
And we don’t have any confirmation from
BHP yet.
As you said, it is a holiday in
Australia.
We’ll see what happens.
But this is this is a deal that will
shake up the mining space and could
could dominate the agenda.
This year
has been some time since we’ve seen such
a large scale deal making from BHP.
To what extent is this becoming a bit of
a trademark of CEO Mike Henry’s
leadership?
And have we had any response from Anglo
about this report?
A bit.
Yeah, that’s right.
I think.
I think everyone understands that.
Henry, CEO probably wants to make a big
stamp on his leadership.
The the BHP has already made a big deal
in corporate over Oz Minerals last year
and that was a $6.4 billion deal.
So they expanded their portfolio there.
They’ve already said that in taking
over.
Anglo or Anglo has said that BHP, BHP
proposal will see BHP Anglo first spin
off its iron ore and its platinum
business in South Africa.
And that really emphasizes that this
this this focus on on copper.
Rio Tinto, BHP rival in the number two
iron ore miner has also been looking to
build up its its copper business.
And we saw Glencore, the international
trader and miner, try to take over
Canada’s Teck resources as well,
principally for copper and zinc.
So you can see how this is shaping up
into a big battle for control of the
world’s copper resources.

BHP Group Ltd. has approached Anglo American Plc about buying the 107-year-old company in a move that offers to spark the biggest shakeup of the global mining industry in over a decade. Martin Ritchie reports on Bloomberg Television.
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