Glencore said to be studying approach for Anglo American

3rd May 2024 07:49

(Sharecast News) - Glencore is reportedly studying an approach for Anglo American, a development that could spark a bidding war.

Reuters cited sources as saying that Glencore has not yet approached Anglo. It was understood the discussions are internal and preliminary at this stage and may not result in an approach.

A Glencore spokesperson told Reuters: "We do not comment on market rumour or speculation."

Last Friday, Anglo rejected a £31bn all-share proposal from BHP, saying it was "highly unattractive" and "opportunistic".

A source familiar with the matter previously told Reuters that the Australian mining giant - which has until 22 May to make a formal bid - was considering making an improved offer.