Anglo bidding war likely as BHP makes lowball offer of $39bn

Australian mining giant BHP’s proposed multibillion-pound takeover of Anglo American, in what would be the mining industry’s biggest merger in over a decade, is likely to spark a bidding war, particularly for Anglo’s copper assets, analysts say.

BHP, the biggest constituent of the JSE, on Thursday launched an audacious $39bn bid at a time when Anglo has launched a massive cost-cutting exercise in response to a plunge in platinum and diamond prices...

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