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Shares in Anglo American PLC rose on Friday after Reuters reported Glencore PLC could launch a rival bid for the mining company. Shares in Anglo American rose 3.1% to 2,743.00 pence in London on Friday. They were up 3.7% to R 639.91 in Johannesburg. Shares in Glencore fell 1.4% to 452.45p in London. In Johannesburg, they fell 1.8% to R 104.99. Reuters said Glencore, the Barr, Switzerland based multinational commodity trading and mining company, was ‘studying’ an approach for Anglo American, citing two sources. Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added. ‘We do not comment on market rumour or speculation,’ a Glencore spokesperson told Reuters. https://www.reuters.com/markets/commodities/glencore-studying-an-approach-anglo-american-sources-say-2024-05-02/ Anglo American is already the subject of bid interest from larger peer BHP Group Ltd. Last Friday, Anglo American ‘unanimously’ rejected an ‘opportunistic’ offer from BHP on grounds that it ‘significantly undervalues’ the London-based miner. This came after Australia’s BHP last Thursday confirmed it had offered to buy Anglo American in an all-share deal valuing the mining group at £31.1 billion. As part of the proposed deal, BHP wants Anglo American to split off Anglo American Platinum Ltd and Kumba Iron Ore Ltd in South Africa. But Anglo American said BHP’s proposal significantly undervalues the company and its future prospects. Shares in BHP were down 0.1% at 2,229.00p in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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