Mining Giant BHP Launches Bid To Take Over Rival Anglo American

Sydney, (UrduPoint / Pakistan Point News - 25th Apr, 2024) British mining heavyweight Anglo American confirmed Thursday it was "reviewing" a takeover bid from its larger Australian rival BHP, in what would rank as one of the sector's biggest deals in years.

Both companies have been wrestling with the transition away from traditional money makers such as gas and coal, increasingly eyeing opportunities to mine metals and critical minerals.

Anglo American's lucrative copper assets - including major projects in Chile and Peru - were widely seen as a key driver of BHP's interest.

London-based Anglo American did not disclose the price of the "unsolicited" offer, which BHP must outline in further detail before a deadline of May 22.

"The board is currently reviewing this proposal with its advisers," Anglo American said in a statement.

"There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made.

"Pending any further announcements Anglo American shareholders should take no action."

BHP declined to comment.