The uncertainty and complexity of the proposal, together with the execution risks, made it unattractive.
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The Australian mining giant BHP Group presented a purchase offer to its British rival and responsible for important copper deposits in Chile and Peru, Anglo American, for US$39 billion euros. The deadline to respond was until May 22; However, the president of the London-based company, Stuart Chambers, has already announced his rejection.
Anglo American described BHP Group’s proposal as “opportunistic”, because the Australian company recently recorded a drop in profits due to the decline in nickel prices and the compensation it had to pay after a mining disaster that occurred in 2015 in Brazil.
Chambers points out that “BHP’s unsolicited offer significantly undervalued the 107-year-old mining company and fails to value its outlook” not only because of the amount offered, but also because of the demand to divest its platinum and iron ore businesses in South Africa.
Furthermore, the British company detailed that the uncertainty and complexity inherent in the proposal, together with the significant execution risks, make it very unattractive for shareholders.
Journalist from the Peruvian University of Applied Sciences (UPC) with a major in Management and Leadership. She is editor of La República in the economics section for digital and print.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
