Offers 0.7097 of its shares plus Anglo Platinum, Kumba shares (Il Sole 24 Ore Radiocor) - London, 25 Apr - Miner BHP confirmed that it has made an offer to buy rival Anglo American in a deal worth 31.1 billion pounds comprising a value of 25.08 pounds per Anglo American share, including 4.86 pounds in Anglo Platinum shares and 3.40 pounds in Kumba Iron Ore shares.

Under the terms of the proposal, ordinary shareholders of Anglo American would receive 0.7097 BHP shares for each ordinary share owned and ordinary shares in Anglo Platinum and Kumba, which would be distributed by Anglo American to its shareholders in direct proportion to each shareholder's effective interest in Anglo Platinum and Kumba.

The terms of the proposal would, based on closing market prices as at April 23, 2024, being the last trading day prior to press speculation, represent a premium on the implied market value of Anglo American's unlisted assets of approximately 31%, a premium on the implied market value of Anglo American's unlisted assets of approximately 78% to the volume weighted average closing price of Anglo American's shares in the 90 trading days prior to and including April 23, 2024. It also represents a premium of 19% to the broker median net asset value of Anglo American excluding Anglo Platinum and Kumba of 21.8 billion dollars.

The offer is non-binding and subject to customary conditions including completion of due diligence to the satisfaction of BHP. Anglo American has been offered reciprocal due diligence on BHP.

BHP said its proposal would alow Anglo American shareholders with the benefits of directly holding their interests in Anglo Platinum (78.6%), the world's leading PGM miner, and Kumba (69.7%) as shareholders, including enabling direct access to the future value generation and dividends of Anglo Platinum and Kumba.

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(RADIOCOR) 25-04-24 10:01:49 (0251) 5 NNNN