Flurry of offers: Anglo American last week rejected BHP’s third £39bn bid but agreed to takeover talks
Takeover talks between BHP and Anglo American will be extended again amid disputes over the new company’s listing.
Following discussions over the weekend, the offer deadline set for today at 5:00 pm could be delayed. The Mail understands that if a deal is given the green light, BHP is considering moving the merged company’s listing from Australia to London in a boost for the City.
It comes amid fears that Anglo American, one of the biggest companies on the London stock market, will delist following a takeover.
And this follows BHP’s decision to abandon Square Mile just three years ago to list in Sydney.
Last week, Anglo rejected its biggest rival’s third bid of £39bn but agreed to enter takeover talks. It came after Anglo rejected two previous bids of £31bn and £34bn.
If it goes ahead, the alliance would be one of the largest mining deals ever recorded.
A major obstacle to reaching a deal has been the requirement that Anglo sell two of its South African businesses.
Today’s deadline coincides with South Africa’s national elections, adding an additional layer of political complexity.
South African politicians, particularly Mining Minister Gwede Mantashe, have expressed opposition to the deal.
Czech billionaire Daniel Kretinsky also has until 5pm today to make a formal bid for the International Distribution Service (IDS), owner of Royal Mail.
It is due to submit a bid valuing the postal service at £3.5bn. IDS said earlier this month it was “willing to recommend” the proposal, if a firm offer was made.