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Bond Market News
Anglo American Plans to Demerge Its Businesses
May 15, 2024
Anglo American has come up with a plan of demerging its businesses in order to fend off the £34bn ($43bn) bid by BHP Group. The company plans to exit its diamond (De Beers), coal and platinum (Amplats) businesses and turn itself into a copper giant in the radical restructuring. The company is hoping to receive support from shareholders, who were forcing the company to come up with a quick turnaround plan. It remains to be seen how BHP responds, as it had proposed to spin off the South African assets of Anglo American as one of the conditions in its takeover bid. Anglo’s shares fell 2.5% to £26.38, below the £27.53 that BHP is offering, with analysts noting that it indicates investors seeing a lower chance of a successful BHP bid.
Anglo America’s 5.625% 2030s traded stable at 100.8 cents on the dollar, yielding 5.46%
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