BHP chief Mike Henry said he was disappointed after a $64 billion sweetened bid was immediately rejected by the London-headquartered miner.
Anglo American has rejected BHP’s second,higher takeover offer. But playing hard is getting harder.
ACCC chair Gina Cass-Gottlieb is working harder than she ever has in her career,and the results are showing on the scoreboard,with wins including tougher merger laws,and a $120 million penalty against Qantas this past week.
Hostilities have broken out over wealth powerhouse Perpetual’s deal to sell two of its major divisions and brand to private equity giant KKR.
Once young rich listers,Collis and Cyan Ta’eed are now responsible for one of the largest acquisitions in Australian tech history.
Whether successful or not,the Australian mining giant’s offer puts pressure on Anglo’s board and management to consider significant changes to its business.
BHP has its prey in its sights,but winning requires skill and a willingness to walk away if the target,Anglo American,plays hard to get.
The assistant competition minister says Australians are “paying too much for a schooner” and independent brewers say the consumer watchdog should investigate.
Australia’s largest mining company will be forced to raise its offer to buy rival Anglo American after its initial $60 billion bid was swiftly rejected.
BHP,the world’s largest miner,has approached London-listed Anglo American with an offer that could turn into this year’s biggest deal.
Changes aimed at stopping oligopolies becoming more entrenched through mergers make sense. Just don’t hold your breath for lower prices as a result.