A previous editorial mentioned, quite presciently, that in fending off hostile bids, a target company can sometimes get a much-needed jolt in revamping value-unlocking and growth strategies.

BHP certainly touched a nerve in Anglo American. The proposed restructuring at Anglo is epic in its sweep — and that’s from a group that has been through a few big changes over the decades (the reincorporation of Minorco and De Beers as well as the release of the array of nonmining investments in the late 1990s). The market, though, took the news quite warily. Immediately after Anglo’s value-unlock announcement, shares in rebuffed BHP skittered up, while Anglo edged down more than 4%...

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