Consistent with our strategy and supported by our recent track record of high performance – driven by operational excellence and disciplined capital project execution – we are pursuing the proposed combination of BHP and Anglo American.
The combined company would have an exceptional portfolio of world-class assets, focused on future facing commodities and higher-quality steel-making raw materials. It would create meaningful synergies, and have an enviable growth pipeline with the financial capacity to advance them.
We believe that both sets of shareholders would stand to gain from the very clear proposal and plan that we tabled to Anglo American.
Mike Henry, BHP Chief Executive Officer:
“BHP put forward a revised proposal to the Anglo American Board that we strongly believe would be a win-win for BHP and Anglo American shareholders.
The revised proposal represents a 15% increase in the merger exchange ratio and increases Anglo American shareholders’ aggregate ownership in the combined group to 16.6% from 14.8% in BHP’s first proposal.
BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world class businesses. The combined business would have a leading portfolio of high-quality assets in copper, potash, iron ore and metallurgical coal and BHP would bring its track record of operational excellence to maximise returns from these high-quality assets.
The combined business would also have the balance sheet strength, capital discipline and operational capability to execute the attractive pipeline of growth options in BHP and Anglo American’s portfolios.
In putting forward a revised proposal, we have been guided by our capital allocation framework and our view of the fundamental value of Anglo American and BHP.
The combination is consistent with BHP’s strategy and the revised proposal is underpinned by a focus on delivering long term fundamental value.”
Announcements
- BHP: Statement regarding proposal for Anglo American plc (29 May 2024) pdf 117905
- Anglo American: Anglo American response to BHP announcement and rejection of request for PUSU extension (29 May 2024) pdf 192841
- BHP: Update on BHP’s offer for Anglo American (29 May 2024) pdf 163088
- BHP: Increased and Final Offer Ratio for Anglo American plc (22 May 2024) pdf 214915
- Anglo American: Anglo American rejects further BHP proposal (22 May 2024) pdf 818399
- Anglo American: Strategy announcement (14 May 2024) pdf 257582
- Anglo American: Statement re revised proposal from BHP (13 May 2024) pdf 137970
- BHP: Revised proposal for Anglo American (13 May 2024) pdf 239181
- Anglo American: Rejection of BHP proposal (26 April 2024) pdf 111878
- BHP: Response to announcement by Anglo American (25 April 2024) pdf 184038
- Anglo American: Statement re possible offer for Anglo American (24 April 2024) pdf 123381
Opening Position Disclosure Forms
Other
- Speech – Bank of America Global Metals, Mining and Steel Conference 2024 pdf 4005202
- Exchange release – Bank of America Global Metals, Mining and Steel Conference 2024 pdf 96842
- Presentation – Bank of America Global Metals, Mining and Steel Conference 2024 pdf 1122811
- Audio – Bank of America Global Metals, Mining and Steel Conference 2024 mp3 12737626
- BHP: Clarification statement – South Africa (2 May 2024) pdf 101927
BHP is a world-leading resources company
We work in more than 90 locations worldwide and our products are sold globally. We've positioned our business to support the megatrends shaping our world. Iron ore and metallurgical coal for the steel needed for global infrastructure and the energy transition. Copper for renewable energy. Nickel for electric vehicles. Potash to support more sustainable farming. A resource mix for today – and critical to the future.