BUSINESS LIVE: UK wage growth higher than expected; Anglo American plans to sell assets; Currys Ups Guide

Anglo American has unveiled a strategy update that includes exploring options for its steelmaking coal, nickel and platinum businesses, in an effort to fend off a takeover bid from the world’s largest miner, BHP Group.

The announcement comes a day after the London-listed miner rejected an increased offer from BHP, saying it continued to significantly undervalue the company and was “very unattractive” to its shareholders.

Anglo told investors this morning it was divesting its steelmaking coal assets, spinning off its troubled platinum unit in South Africa, exploring options for its nickel mines and divesting or spinning off the De Beers diamond business.

“We expect a radically simpler business to deliver sustainable incremental value creation through a step-change in operational performance and cost reduction,” said Anglo chief executive Duncan Wanblad.

British wages, excluding bonuses, grew slightly more than expected, up 6 percent year-on-year in the three months to the end of March, giving the Bank of England pause for thought as it weighs up the timing of its first rate cut. interest.

Economists had forecast wage growth of 5.9 percent for the period.