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BHP urges Anglo American to extend offer deadline
(Sharecast News) - Mining titan BHP has requested that Anglo American extend its 'put up or shut up' deadline so that the two can continue discussions around a potential £39bn takeover of the latter. On 22 May, Anglo rejected BHP's third and latest proposal and extended the PUSU deadline to 1700 BST on Wednesday.
"BHP welcomed the extension as it provided the opportunity to engage with Anglo American about its concerns regarding BHP's proposal," BHP said in a statement on Wednesday.
"Since the extension to the deadline, BHP has continued to work extensively to address those matters. This has included several engagements with Anglo American and its advisers."
The Sydney-based company said it had proposed a range of "socioeconomic measures" to address Anglo's concerns about the combined entity's corporate structure - after BHP had demanded that Anglo would spin off its two businesses in South Africa, Anglo Platinum and Kumba Iron Ore.
Anglo said last week that the conditions were in "clear contrast" to its recent restructuring plan announced on 14 May. Following an asset review which started last year, Anglo said it is now focusing on just three main divisions - copper, premium iron ore and crop nutrients - and would divest or spin-off of its steelmaking coal, nickel, platinum and diamond operations.
BHP's new conditions announced on Wednesday will be positive for the South African economy and "provide substantial risk protection" for Anglo American shareholders, it said.
"BHP believes a further extension of the deadline is required to allow for further engagement on its proposal."
Anglo is yet to respond.
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