Mining
Anglo American: The risks of restructuring
The move could foolproof the miner against discounted takeovers — but it could also make it more vulnerable to aggressors
Voicemail is on the decline globally, 8% lower since 2020, according to US company Vonage. Coca-Cola removed it from its corporate headquarters three years ago. Yet for Ken MacKenzie, chair of BHP, the world’s largest miner, it was the preferred means of imparting some tasty news to his Anglo American counterpart.
No-one knows exactly what Stuart Chambers heard on April 16 last year when he picked up his messages, but you can be sure the one from Mackenzie, now retired, went something along the lines of: “We’re going to buy your company. Details to follow.” A letter confirming the $39bn tilt landed at 17 Charterhouse Street, Anglo’s UK office, soon afterwards. Cue panic...
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