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Anglo American to break up after rejecting £34bn BHP bid

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Anglo American plans to break up after the mining group rejected a £34bn takeover offer from rival BHP.

The 107-year-old company said Tuesday it would sell or separate De Beers' diamond business, Anglo American Platinum business and coking coal assets.

Amidst major changes, anglo Instead, it plans to focus on its copper, iron ore and crop nutrients businesses.

Chief executive Duncan Wanblad is under intense pressure to set out Anglo's future as an independent group after rejecting Anglo's improvement proposals. BHP It valued the company at £34bn.

Anglo also announced it would scale back Woodsmith's plans for a giant underground mine in the UK to produce a new type of fertilizer.

“The decision to focus Anglo American's portfolio on our world-class resource asset base of copper and high-grade iron ore, while retaining our crop nutrient options at Woodsmith, is a major step in the execution of our strategy,” Wangblood said on Tuesday. It marks a new stage.”

“We expect that by radically simplifying our business, we can create sustainable added value through incremental changes in operational performance and cost savings.”

Demand for copper is expected to increase as the world decarbonizes, and BHP, the world's largest mining company, aim Regarding securing Anglo's valuable copper assets.

Anglo shareholders predict the group will struggle to maintain its current structure and fend off an approach from BHP.

Summarize this content to 100 words Unlock Editor's Digest for freeFT editor Roula Khalaf has chosen her favorite stories in this weekly newsletter.Anglo American plans to break up after the mining group rejected a £34bn takeover offer from rival BHP.The 107-year-old company said Tuesday it would sell or separate De Beers' diamond business, Anglo American Platinum business and coking coal assets. Amidst major changes, anglo Instead, it plans to focus on its copper, iron ore and crop nutrients businesses.Chief executive Duncan Wanblad is under intense pressure to set out Anglo's future as an independent group after rejecting Anglo's improvement proposals. BHP It valued the company at £34bn.Anglo also announced it would scale back Woodsmith's plans for a giant underground mine in the UK to produce a new type of fertilizer.”The decision to focus Anglo American's portfolio on our world-class resource asset base of copper and high-grade iron ore, while retaining our crop nutrient options at Woodsmith, is a major step in the execution of our strategy,” Wangblood said on Tuesday. It marks a new stage.”“We expect that by radically simplifying our business, we can create sustainable added value through incremental changes in operational performance and cost savings.”Demand for copper is expected to increase as the world decarbonizes, and BHP, the world's largest mining company, aim Regarding securing Anglo's valuable copper assets.Anglo shareholders predict the group will struggle to maintain its current structure and fend off an approach from BHP.
https://www.ft.com/content/f7487018-726e-4854-8165-dda1612e893f Anglo American to break up after rejecting £34bn BHP bid

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