Mike Henry's Anglo American tilt could be the biggest deal in BHP's storied history
The big Australian is going after the London listed diversified miner Anglo American in what would be one of the biggest, if not the biggest, corporate deal in its 139 year history.
Like all sensible chief executives, BHP’s Mike Henry has always promised to be a responsible steward of shareholder capital. In 2022, in an interview with the Financial Times, for example, he pledged to pursue a “disciplined” approach to mergers and acquisitions despite the company's growing financial war chest for deals.
Barely 18 months later that promise is about to be tested. The affable and respected Canadian now looks poised to pull the trigger on a transaction that would not just be the biggest of his own career, and one of the biggest globally this year, but potentially the biggest in the storied history of the Australian mining behemoth. A 139-year history that includes a lot of deals!
London and Johannesburg listed diversified miner Anglo-American confirmed overnight it had received a “non-binding” and “highly conditional” takeover approach from the big Australian:
The Board of Anglo American plc (“Anglo American”) notes the recent press speculation and confirms that it is has received an unsolicited, non-binding and highly conditional combination proposal from BHP Group Limited (“BHP”). The proposal comprises an all-share offer for Anglo American by BHP and would be preceded by separate demergers by Anglo American of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American shareholders...The Board is currently reviewing this proposal with its advisers.
