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Several of Anglo American Plc’s big shareholders say they support the company’s efforts to persuade BHP Group to change the structure of its takeover proposal or compensate for the risks it presents, before accepting any offer.
That was a view echoed by several major investors in private conversations since the latest announcements. Five top-20 Anglo shareholders said they were open to the prospect of a deal, while four of those agreed with Anglo’s approach to press BHP for changes to resolve uncertainty created by the proposed multi-phase approach.
Anglo’s main reservation about BHP’s current approach is the uncertainty over concessions that may be demanded by South African regulators in order to approve the demergers of Johannesburg-listed Anglo American Platinum Ltd. and Kumba Iron Ore Ltd.. The country is home to some of Anglo’s biggest operations and the firm has deep ties there that date back to its founding more than a century ago.
South Africa’s state-owned Public Investment Corporation, which is Anglo’s second-largest shareholder with 7.4%, issued a statement on Wednesday before the latest BHP and Anglo announcements, calling forBlackRock Inc., which owns 10.5%, has not commented publicly on its position. Nor has activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders.
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