Anglo American Resists Takeover Rumors: Speculations About Future Buyers

The CEO of Anglo American, Duncan Wanblad, has firmly rejected the speculation that a new buyer for the group could emerge immediately after the divestiture of four major company divisions. This occurred after an acquisition attempt by the Australian rival BHP failed in May. Wanblad stated at the Joburg Indaba mining conference that the accelerated plans to streamline the company's portfolio will not inevitably lead to an acquisition. Anglo plans to divest its De Beers, coal, nickel, and platinum businesses and focus on the copper, iron ore, and fertilizer sectors. Although Anglo will generate 60 percent of its revenue from the copper business in the future, Wanblad does not believe this makes the company an attractive takeover target. In his view, Anglo remains a strong and independent company, which represents an attractive investment according to its break-up evaluation. The company head reiterated that Anglo intends to complete the restructuring process by next year but will not commit to future company developments. The priority is achieving the company's strategic goals. At a meeting in London, Wanblad had already indicated that potential buyers would have to offer a fair price should Anglo again become the target of takeover attempts. Since BHP's takeover bid in April, Anglo's stock price has fallen by about 12 percent. After the spin-off, Anglo will operate as a smaller market participant with a focused portfolio, which according to analysts, has better prospects. This assessment is also shared by competitors like BHP, who expect an increase in copper demand in the wake of the global energy transition. There is speculation that BHP, whose offer primarily targeted Anglo's copper businesses, could make another takeover attempt after the six-month cooling-off period expires on November 29.