LONDON (AP) — Shares in U.K.-based mining giant Anglo American surged Thursday after it received a 31 billion-pound ($39 billion) takeover approach from rival BHP Billiton, a deal that would create the world’s biggest copper miner, with around 10% of global output — a hugely lucrative market in the transition to clean energy.
Anglo American’s share price closed up 16% in London after revealing that BHP, the world’s biggest miner, had put forward the “unsolicited” and “highly conditional” takeover proposal. The prospective all-share offer from BHP, which is based in the U.K. and Australia, values each Anglo share at 25.08 pounds.
Anglo American, which owns a majority stake in the world-famous De Beers diamond company, said its board was reviewing the approach from BHP.
BHP said the deal would boost its presence in the copper market, which is seeing demand soar amid the shift towards clean energy, as well as giving it greater access to potash, and coking coal in Australia. Copper is particularly sought after as the metal is used widely in electric vehicles, batteries and charging stations.
Jon Bon Jovi, 62, admits 'EVERY day is a challenge' in his 35
US and UK launch fresh strikes on Houthis in Yemen
How directors, distributors and devotees are struggling to keep Hong Kong cinema alive
Ai Weiwei mourns Hong Kong freedoms but is 'proud' of Tiananmen middle
Bears banking on Caleb Williams after taking the 2022 Heisman winner with No. 1 pick in NFL draft
Cancer patients' travel funding boost: 'Important no one falling through the gap'
Chinese company says coronavirus vaccine ready by early 2021
Olivia Munn's breast cancer diagnosis raising awareness for women to seek additional screening
$18m boost for New Zealanders needing to travel for health treatment
American and Southwest airlines both say they lost money in Q1
Whakaari/White Island owners appealing criminal conviction