① BHP Billiton's latest offer for Anglo-American Resources is £29.34 per share, with a total value of £38.6 billion (US$49.18 billion). This is the third time in less than a month that BHP Billiton has proposed a takeover offer; ② According to the UK Takeover Law, the deadline for BHP Billiton's takeover offer is May 22, but Anglo-American Resources has agreed to delay this period by one week.
Financial Services Association, May 22 (Editor Xia Junxiong) On Wednesday (May 22) local time, BHP Billiton made a third takeover offer to Anglo-American Resources Group, but the latter still rejected it. However, Anglo-American Resources agreed to delay the deadline for submitting the takeover offer by one week.
BHP Billiton's latest offer for Anglo-American Resources is £29.34 per share, with a total value of £38.6 billion (US$49.18 billion). This is the third time in less than a month that BHP Billiton has offered to buy Anglo-American Resources.
The previous two quotes were £25.08 per share (total value of £31.1 billion, or US$39.1 billion) and £27.53 per share (total value of £34 billion, or US$42.7 billion), respectively. However, both British and American Resources rejected BHP Billiton's acquisition because the company's value was undervalued.
According to the UK takeover law, the deadline for BHP Billiton to submit a takeover offer is May 22, but Anglo-American Resources has agreed to delay this period by one week.
BHP Billiton still adheres to the requirements set out in the previous two quotations, that is, Anglo-American Resources must divest its platinum and iron ore assets in South Africa. Anglo-American Resources previously considered this condition difficult to implement. The company was founded in South Africa 107 years ago and still has very deep roots in the region.
Analysts at J.P. Morgan Chase released a report last week saying that the reasonable purchase price of Anglo-American Resources was £32 per share, with a total value of about £39.5 billion (US$50 billion).
The main purpose of BHP Billiton's bid for British and American resources is to obtain the latter's copper assets in South America. If the acquisition is successful, it will not only create the largest merger and acquisition deal in the history of the mining industry, but will also make BHP Billiton the world's largest copper producer, with a market share of about 10%.
As a global mining giant, Anglo-American Resources's current business covers copper, platinum group metals, steelmaking coal, and nickel, while also developing crop nutrient projects.
Anglo-American Resources announced a restructuring plan this month to split its platinum company Anglo-American Platinum, split or divest its diamond division De Beers, and sell coking coal assets. This is one of the biggest business adjustments in the company's 107-year history.