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BHP has proposed a takeover of Anglo American, in a deal that would bring together two global mining giants and rank as one of the industry’s largest transactions in years.
BHP has made a proposal for an all-share combination with Anglo, as it seeks to grow its portfolio of copper mines, a metal vital for the energy transition, according to two people familiar with the matter.
At $149bn, BHP is the world’s largest mining company by market capitalisation. It declined to comment.
Anglo American confirmed that “an unsolicited, non-binding and highly conditional” proposal from BHP had been received and that “there can be no certainty that any offer will be made nor as to the terms on which any such offer might be made”.
Shares in London-listed Anglo are down by more than a third since the start of last year, putting its market capitalisation at £29bn.
The company’s De Beers diamond division and platinum metals unit have been hit by low prices.
Bloomberg first reported news that BHP was considering a potential takeover of Anglo American.
This is a developing story.