BHP seeks more time ahead of $49 billion Anglo bid deadline

MELBOURNE, May 29 (Reuters) – BHP Group (BHP.AX), opens new tab on Wednesday asked for more time to try to win over takeover target Anglo American (AAL.L), opens new tab, hours before a deadline for the world’s biggest miner to firm up its $49 billion offer for its smaller rival.

Anglo has rejected three proposals from BHP but last week agreed to a one-week extension to a deadline from Britain’s takeover watchdog for BHP to make a formal offer or walk away.

In a statement to Australia’s securities exchange, BHP said it was ready to offer a break fee to Anglo if the deal was blocked due to antitrust reasons or failed to get regulatory approval, saying it was sure it had quantified and managed such risk.

It also announced a series of steps aimed at addressing concerns over its condition that Anglo divest some South African assets before a takeover can go ahead – one of the main sticking points in the talks.

Source: REUTER