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BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed takeover and is expected to be a part of any revised offer, investors briefed on the miner’s thinking said.by its smaller rival on April 26 after submitting a $39 billion takeover proposal, in a plan seen as complex because it required Anglo to offload its shares in Kumba Iron Ore and Anglo American Platinum to Anglo American’s shareholders before any deal took place.
“BHP have spent a lot of time looking at all the flow back implications and I’m confident they are all over it,” one of the fund managers said.that said the structure of its takeover proposal, including the proposed distribution of Anglo’s shares in Amplats and Kumba to its shareholders, reflects the priorities for BHP’s portfolio and opportunity for synergies.
BHP has been encouraged by at least one shareholder to consider keeping Anglo’s stakes in Amplats and Kumba instead of exiting the South African assets.A fully combined BHP and Anglo could look to sell those assets once the deal is completed, which would reduce the complexity and execution risk of the transaction, the person said.
“Anglo is probably pushing for a cash component, but we would probably prefer scrip,” one fund manager said, adding that his fund’s feedback to BHP has been minimal, “other than clearly the price has to change.”
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