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Anglo has rejected two bid proposals from BHP. Under UK takeover rules BHP must make a firm offer by May 22, or walk away. BHP's latest proposal was 27.53 pounds per share, up from 25.08 previously. "Anglo's shares now trade at the greatest discount (-13.6%) to the implied value of BHP's offer, implying that the market assigns a low probability to BHP's ability to raise its offer and achieve an agreed deal," JP Morgan analysts said. "In a 20% (change of control) scenario, we estimate Anglo American plc at ~£32/sh (~$50bn), or Anglo plc Rump (the entity BHP is seeking to acquire) at $39bn (£24.79), ~30% higher than the value of BHP's current offer." The analysts increased their December 2025 fair value for Anglo Copper by 25% to $27 billion (17.47 pounds per share) and increased their Anglo price target to 27.75 pounds per share from 26 pounds previously. That factored in their copper reassessment, as well as $4 billion lower capital spending (capex) forecast over 2025 due to the cessation of development capex at the Woodsmith crop nutrient project. On Monday, Anglo rejected an improved 34 billion pound ($43 billion) proposal from BHP, saying BHP "continues to significantly undervalue" its business. BHP has proposed Anglo divest its South African platinum and iron ore assets as a pre-condition to an offer for the rest of the company. Anglo and BHP did not immediately comment on the report. (By Anousha Sakoui; Editing by Mark Potter)Why it's important
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