“This could require a significant revision of the present BHP proposal that ought to take into accounts the fabric dangers that present shareholders of each Anglo and its subsidiaries must assume,” the PIC stated within the assertion.
“The PIC acknowledges the optimistic impression of Anglo American within the South African financial system and the area at giant, and the corporate’s position on this regard shouldn’t be diminished because of the proposed provide by BHP,” it stated.
Anglo American has twice rejected BHP’s strategy, which might suggest for Anglo to spin off its stakes in two South African iron ore and platinum corporations earlier than being acquired.
After rebuffing the newest provide, Anglo American’s chief govt Duncan Wanblad unveiled his personal plan to reshape the enterprise, which incorporates exiting platinum, diamonds and coal and slowing the unpopular Woodsmith fertilizer venture.
BHP has till 1600 GMT at present to make a binding provide or will probably be pressured to stroll away for a minimum of six months. If the events attain an settlement earlier than that, an extension will be granted.