BHP leaves new offer on table for Anglo

BHP said that comments made by its chair at Wednesday’s AGM did not mean the company ruled out a renewed offer for Anglo American, months after its failed bid in May.

Chair Ken MacKenzie said earlier in the day that the company had “moved on” to focus on growth opportunities.

The world’s biggest miner walked away from a $49bn bid to acquire Anglo after it was rebuffed three times. The approaching expiration in late November to a six-month freeze on BHP making another approach under UK takeover rules had raised speculation a deal may again be under scrutiny.

“BHP clarifies that these comments were not intended to be a statement to which Rule 2.8 of the UK City Code on Takeovers and Mergers [UK Code] applies, nor intended to carry any other consequences under the UK Code,” the company said while responding to media speculation.

Anglo American declined to comment.

“We made an approach to Anglo American earlier this year … we thought there was an opportunity here to create something unique and special, a bit of a sort of a one plus one equals three opportunity,” MacKenzie said at the miner’s annual meeting.

“Unfortunately, Anglo American shareholders had a different view, and they thought there was more value in the plan that their management wanted to execute. And so they moved on. And quite frankly, so have we.”

On Wednesday, the mining giant said the UK Takeover Panel Executive had confirmed that comments by its chair will not be treated as a statement of intention to not make an offer for Anglo.

Reuters