BHP chief urges Anglo investors to consider takeover benefits

By Thomson Reuters May 14, 2024 | 9:21 AM

JOHANNESBURG/ LONDON (Reuters) – BHP Chief Executive Mike Henry said that Anglo American investors need to consider the merits of his company’s bid for its smaller London-listed rival, seeking to drum up support for a proposal that has been rejected twice.

The CEO of the world’s biggest listed mining group told investors at a metals and mining conference in Miami that Anglo shareholders must make a “determination” on the benefits of a combination of the two companies and which team they think has a better track record of executing projects and delivering returns to investors.

Anglo on Tuesday laid out plans to refocus on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses.

BHP’s Henry, meanwhile, emphasised the merits of his company’s bid and dismissed concerns that the proposed deal would be complex to execute.

“At the end of the day, its going to be up to shareholders. They have to look at the plans, decide which one they believe is going to create the greatest value soonest,” he said.

“And they have to make a determination as to the likelihood of execution of those plans, including which team they believe is more capable and has a better track record of execution. It’s that simple.”

(Reporting by Felix Njini and Clara Denina; Editing by David Goodman)