Mining behemoth Anglo American is not a company that too many informed investors would have slated for an opportunistic takeover. By the rules of the commodity jungle, Anglo should be the beast on the prowl. The Anglo alumni from the Main Street era would be aghast at the predicament.

While BHP’s initial tilt is a clear affront to Anglo and its own plans to unlock and build value for shareholders, the event is likely to have further significant implications in the months (perhaps years) ahead...

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