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Bond Market News
BHP-Anglo American Deal Abandoned
May 30, 2024
BHP Group decided against making an offer for Anglo American Plc after the latter refused further talks. Earlier this month, Anglo American had come up with a plan of demerging its businesses in order to fend off the £34bn ($43bn) bid by BHP Group. However, last week, Anglo American extended a cutoff to allow for talks with BHP. Due to disagreements on the structure of the deal, Anglo said that it did not want any further delay despite a last-minute appeal from BHP. Anglo’s shares fell 3.9% and BHP’s were down 1.8%.
Anglo American’s 5.625% 2030s traded stable at 99.8 cents on the dollar, yielding 5.66%. BHP’s 5.25% 2033s were down 0.6 points to 98.3, yielding 5.49%.
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