Anglo American Rejects BHP's 'Highly Unattractive' Bid, Sets Proposal Deadline For May 22
Anglo American Rejects BHP's 'Highly Unattractive' Bid, Sets Proposal Deadline For May 22
Anglo American (OTCQX:NGLOY) rebuffed a $39-billion takeover proposal from BHP Group (NYSE:BHP), dismissing the offer as "highly unattractive."
英美资源集团（OTCQX: NGLOY）拒绝了必和必拓集团（纽约证券交易所代码：BHP）提出的390亿美元的收购提议，认为该提议 “极没有吸引力”。
What Happened: BHP's bid, announced Thursday, April 25, involved an all-share offer. One of the conditions requires Anglo American to complete two separate demergers of its shareholdings in Anglo American Platinum (Amplats) and Kumba Iron Ore (Kumba).
发生了什么：必和必拓于4月25日星期四宣布的出价涉及全股要约。其中一项条件要求英美资源集团分别完成对英美铂金（Amplats）和昆巴铁矿石（Kumba）股权的两次分拆工作。
The Anglo American board of directors unanimously rejected BHP's bid, arguing it undervalues the company's prospects.
英美资源集团董事会一致拒绝了必和必拓的出价，理由是这低估了公司的前景。
"The BHP proposal is opportunistic and fails to value Anglo American's prospects while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," stated Anglo board chairman Stuart Chambers.
英美资源集团董事会主席斯图尔特·钱伯斯表示：“必和必拓的提案是机会主义，未能对英美资源集团的前景进行估值，同时大幅削弱了英美资源集团股东相对于必和必拓股东的相对价值上行参与度。”
"The proposed structure is also highly unattractive," he added, citing "substantial uncertainty and execution risk" among shareholders and stakeholders.
他补充说：“拟议的结构也非常没有吸引力，” 他以股东和利益相关者存在 “巨大的不确定性和执行风险” 为由。
BHP framed the offer as a 31% premium to Anglo American's latest market price. However, Anglo American contends that the proposal fails to capture the value of its portfolio, particularly significant holdings in copper.
必和必拓将该报价描述为比英美资源集团最新市场价格高出31％。但是，英美资源集团认为，该提案未能反映其投资组合的价值，尤其是大量铜的持有量。
"Anglo American is well positioned to create significant value from its portfolio of high-quality assets that are well aligned with the energy transition and other major demand trends," Chambers said, noting the copper's presence in 30% of the company's production.
钱伯斯说：“英美资源集团完全有能力从其高质量资产组合中创造可观的价值，这些资产组合与能源转型和其他主要需求趋势非常吻合，” 他指出，铜占该公司产量的30％。
Copper is a critical metal driving the global energy transition. Anglo American possesses ownership interests in four of the world's largest copper mines:
铜是推动全球能源转型的关键金属。英美资源集团拥有世界上四个最大的铜矿的所有权权益：
- Collahuasi (44%)
- Los Bronces (50.1%)
- El Soldado (50.1%)
- Quellaveco (60%).
- Collahuasi (44%)
- 洛斯布朗塞斯 (50.1%)
- El Soldado (50.1%)
- Quellaveco (60%)。
Why It Matters: The proposed merger has the potential to be the biggest shakeup in the global mining industry in over a decade.
为何重要：拟议的合并有可能成为十多年来全球采矿业最大的一次重组。
However, as reported by The Financial Times, Berenberg's Richard Hatch was unconvinced that Anglo American presents significant turnaround opportunities for BHP, quoting limited operational synergies.
但是，据《金融时报》报道，贝伦伯格的理查德·哈奇以运营协同效应有限为由，不相信英美资源集团为必和必拓提供了重大的转机机会。
Legal & General Investment Management, one of Anglo's largest shareholders, also weighed in.
盎格鲁的最大股东之一法律与一般投资管理公司也参与其中。
BHP's approach "highly opportunistic" and "unattractive," the asset manager said. The proposed exchange ratio undervalues Anglo American and further industry consolidation will not accelerate investment as needed, the firm argued.
该资产管理公司表示，必和必拓的方法 “极具机会主义” 且 “没有吸引力”。该公司认为，拟议的汇率低估了英美资源集团的价值，进一步的行业整合不会在需要时加速投资。
What's Next: Under the UK Takeover Code, BHP has until 5 p.m. on May 22 to respond by announcing a firm intention to make an offer for Anglo or to withdraw its bid entirely.
下一步是什么：根据英国收购法，必和必拓必须在5月22日下午5点之前做出回应，宣布坚定打算向盎格鲁提出要约或完全撤回其出价。
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Image: Shutterstock
图片：Shutterstock