Mixed Messages on New BHP Bid for Anglo
November 04, 24
(IDEX Online) - BHP, the mining giant that tried to buy Anglo American, parent of De Beers, could yet make another move, despite comments to the contrary by its chairman last week.
Ken MacKenzie (pictured) told shareholders that Anglo had moved on since rejecting the $49bn BHP bid in May, and he said "quite frankly, so have we".
His comment was widely understood to suggest that the Australian company would not be making a further bid once the six-month embargo on UK takeovers expires later this month.
But BHP rushed out a clarification, insisting his comments were not to be taken as formal market guidance.
"The UK takeover panel executive has confirmed that the comments made will not be treated as a statement of intention not to make an offer in respect of Anglo American," said BHP in a statement.
MacKenzie told the BHP annual meeting that buying Anglo could have been "a sort of a one plus one equals three opportunity," but Anglo shareholders hadn't agreed.
A change of Anglo ownership would inevitably impact De Beers, which is suffering from the global downturn in diamond demand, and which is one the divisions that Anglo is seeking to sell as it focuses on copper and other more profitable assets.
Last month the Financial Times said it was "an open secret" that BHP was ready to make another bid for Anglo.