Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operations
LONDON (AP) — Shares in U.K.-based mining giant Anglo American surged Thursday after it received a 31 billion-pound ($39 billion) takeover approach from rival BHP Billiton, a deal that would create the world’s biggest copper miner, with around 10% of global output — a hugely lucrative market in the transition to clean energy.
Anglo American’s share price closed up 16% in London after revealing that BHP, the world’s biggest miner, had put forward the “unsolicited” and “highly conditional” takeover proposal. The prospective all-share offer from BHP, which is based in the U.K. and Australia, values each Anglo share at 25.08 pounds.
Anglo American, which owns a majority stake in the world-famous De Beers diamond company, said its board was reviewing the approach from BHP.
BHP said the deal would boost its presence in the copper market, which is seeing demand soar amid the shift towards clean energy, as well as giving it greater access to potash, and coking coal in Australia. Copper is particularly sought after as the metal is used widely in electric vehicles, batteries and charging stations.
Related articles
Ricky Stenhouse punching Kyle Busch could lead to suspension
NORTH WILKESBORO, N.C. (AP) — Ricky Stenhouse Jr. threw a right hook at Kyle Busch, and suddenly, an2024-05-21Tiger Woods starts his 26th Masters with an impressive birdie on his first hole
Tiger Woods has begun his pursuit of a record 24th consecutive made cut at the Masters with a birdie2024-05-21'The wheels have come off!': Steve McManaman delivers scathing assessment of Liverpool's dismal 3
Steve McManaman has delivered a scathing assessment of Liverpool's dismal 3-0 defeat by Atalanta on2024-05-21In Pictures: Rare celestial event totally eclipsed by thick cloud in Hong Kong
A rare celestial event occurred in the skies above Hong Kong on Tuesday evening, when a total lunar2024-05-21With Djokovic awaiting the winner, Murray trails Hanfmann at rain
GENEVA (AP) — Needing a win to face Novak Djokovic next at the Geneva Open, Andy Murray was saved by2024-05-21- The Premier League has witnessed matches so bonkers that you will struggle to forget where you were2024-05-21
atest comment