BHP brinkmanship
CEO Mike Henry is facing a strategic decision in his $64 billion pursuit of Anglo American.
After making two failed attempts at taking over a company, some CEOs might take the hint and swiftly back off. So will BHP's Mike Henry abandon his pursuit of Anglo American?
If anything, Henry seemed to be emboldened after Anglo laid out its defensive response to BHP’s second $64 billion offer, with the London-based miner promising to shed a swathe of non-core assets.
Anglo’s plan to spin off its De Beers diamonds business, Amplat platinum business and its Queensland coking coal operations is remarkably similar to BHP’s takeover plan, which Anglo’s CEO Duncan Wanblad previously dismissed as too complicated.
Henry doubled down at a mining conference in Miami, saying Anglo shareholders "must decide which plan creates the greatest value, soonest. Which team has the better track record of execution?"
