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The Guardian and City AM quote Ashwin Pillay on Anglo American rejecting a second takeover bid from BHP

This week, it was confirmed that Anglo American rejected a second takeover bid from BHP worth £34bn. The FTSE 100-listed mining company received a first offer in April which valued it at £31bn – a 13 per cent premium to Anglo’s share price at the time the bid was announced. The second bid had been widely expected ahead of the May 22 deadline.

The business has been conducting a strategic review of its business since the middle of 2023, examining its operations on a mine-by-mine basis in to assess how it can recover the ground lost on its competitors in recent years.

Reacting to the rejected bid, Ashwin Pillay, Senior Associate in our Corporate team, comments in The Guardian and City AM:

A second rejection from Anglo American signals that the company is a hot commodity to global investors, showcasing the FTSE’s ongoing resilience.

"A combination of interest rate cuts, slowing inflation, and a depreciating pound have all led to a stellar performance by the FTSE 100.

"With a general election on the horizon amidst ongoing economic uncertainty, the question remains as to whether the FTSE can maintain its upward momentum, or whether it will continue being outstripped by markets in the US and Europe.

"We’re currently witnessing a surge in international M&A activity, indicating a potential dynamic change in the global business environment that could redefine cross-border economic interactions.

Read the full articles in The Guardian and City AM here and here.

Related coverage:

City AM, Reuters, Law360

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