The clean energy race could trigger the biggest mining deal in decades
CNN
Mining giant BHP has made a near-$40 billion bid to take over its UK rival Anglo American in what would be the largest mining deal on record.
Mining giant BHP has made a near-$40 billion bid to take over its UK rival Anglo American in what would be the largest mining deal on record. BHP said in a statement Thursday that it valued Anglo American shares at £25.08 ($31.40) apiece, or £31.1 billion ($38.9 billion) in total. If completed, the acquisition would increase BHP’s access to copper reserves, it added. The potential deal would have a higher value than the $38.3 billion acquisition of Switzerland’s Xstrata by commodities company Glencore in 2012, according to Dealogic data. It would also be the biggest merger or acquisition in the mining industry by value since Dealogic began collecting the data in 2004. Anglo American’s board is “currently reviewing this proposal,” the company said in a statement, adding that there was “no certainty” a formal offer would be made by BHP, or the terms of that potential offer. BHP has until May 22 to make a formal offer. Shares in Anglo American soared as much as 13.8% on the news. By 5.47 a.m. ET, they were trading at £24.55 ($30.72). Shares in BHP closed 0.6% down in Australia.
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