Glencore mulls Anglo American takeover after failed BHP bid: Reuters
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The news: Swiss commodities group Glencore is considering an approach for Anglo American, days after Anglo rejected a $60 billion all-stock proposal from BHP Group, unnamed sources told Reuters.
The numbers: Last week, BHP confirmed that in April it had made an all-share takeover offer of 0.7097 BHP shares for each Anglo share. This was a 31% premium on Anglo's then closing price, valuing the target at about $60 billion.
The context: One of the sources told Reuters that Glencore had not yet approached Anglo, and that the discussions were internal, preliminary, and might not result in an approach.
A source familiar with the matter also previously told Reuters that BHP was considering making an improved offer. It has until 22 May to make a formal bid.
Anglo is attractive to suitors due to its copper assets in Chile and Peru, particularly given the metal's use in products critical to the energy transition such as electric vehicles and power grids.
Anglo and Glencore each own 44% of the Collahuasi mine in Chile, estimated to have some of the world's largest reserves of copper.
The source: Reuters
