BHP has not moved on from pursuit of Anglo despite chairman's comments

31st Oct 2024 07:37

(Sharecast News) - BHP Group has issued a statement to clarify that it has not officially walked away from its pursuit of Anglo American after comments made by the miner's chairman at this week's annual general meeting.

Ken MacKenzie said that BHP's focus had "moved on" to other growth opportunities after three takeover offers - the latest valuing Anglo at $49bn in May - were rejected.

However, with BHP now nearing the end of a six-month freeze which had prevented it from making another offer under Rule 2.8 of the The Takeover Code, the company said that its chair's comments were not official statement to the UK Takeover Panel.

MacKenzie's comments "were not intended to be a statement to which Rule 2.8 [...] applies, nor intended to carry any other consequences under the UK Code", BHP said in a statement.

"The UK Takeover Panel Executive has confirmed that the comments made will not be treated as a statement of intention not to make an offer in respect of Anglo American for the purposes of Rule 2.8 of the UK Code,"