Anglo American Plc. has confirmed speculations by the press regarding a non-binding and highly tentative merger proposal from BHP Group Limited. This information is currently under review with Anglo American's advisers.
The proposal by BHP Group Limited includes an all-share offer for Anglo American, under the condition that Anglo American precedes with separate demergers of its total shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited for the benefit of its shareholders. Both components of this proposal are interdependent.
There's no guarantee that BHP will make an offer or the nature of the terms if such an offer is made, as stated by Anglo American.
In line with UK regulations, BHP must publically disclose by 5:00 p.m. on 22 May 2024, whether they intend to fully proceed with the offer for Anglo American or do not plan to go ahead with the offer. The Takeover Panel holds the authority to extend this deadline if deemed necessary.
