QMEB ยป Resources multinational bids almost $60B for global competitor
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Resources multinational bids almost $60B for global competitor

Anglo American Aquila Coal Mine
Drift runner in an underground mine

A mining giant has made a mega acquisition offer for an international rival.

BHP recently proposed paying 31.1 billion Pounds (A$59.6B) for Anglo American. The amount equates to 25.08 Pounds (A$48.03) per Anglo share, representing a 14 per cent premium at the time of publication.

“BHP confirms that on 16 April 2024 it made a proposal to the board of directors of Anglo American regarding a potential combination to be effected by way of a scheme of arrangement,” the buyer said in a public statement.

“BHP’s proposal comprises an all-share offer for Anglo American subject to the pro-rata distribution by Anglo American of its entire shareholdings in Anglo American Platinum and Kumba Iron Ore to Anglo American shareholders before completion.”

Anglo revealed any potential deal was not guaranteed.

“The board is currently reviewing this proposal with its advisers. There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made,” it said in a public statement.

“Pending any further announcements Anglo American shareholders should take no action.”

Anglo currently operates the following Queensland sites:

  • Aquila, 302km west of Rockhampton
  • Capcoal, 295km west of Rockhampton
  • Dawson, 175km south of Rockhampton
  • Grosvenor, 199km southwest of Mackay
  • Moranbah North, 211km southwest of Mackay
  • Gemco (Samancor), 650km east of Darwin.

QMEB understands if the transaction proceeds it could arguably make the enlarged entity the biggest mineral producer in the world.

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