London: British American said on Tuesday it will divest its coal, diamond and platinum businesses and focus on essential minerals as it fights a takeover bid by Australian rival BHP.
After rejecting a 34 billion euro ($43 billion) increased offer from British copper titan BHP, he said it was accelerating plans to simplify the group and reward shareholders in a “radical” turnaround.
“After the active review begins in 2023, the strategic priorities of American Britain plan to implement some significant structural changes to simplify the portfolio and increase speed against the strategic priorities of growth,” he said. reject
UK chief executive Duncan Wanblad said: “The solution will deliver sustainable value through simpler work, improved performance and reduced costs.”
“Anglo-American shareholders will see the full value of this major change in the value of our copper and iron ore assets,” he said.
Copper is crucial to the renewable energy transition as it is a key component for green technologies such as energy storage, electric vehicles, solar panels and wind turbines.
As a result, the price of copper has risen over the past year and British American expects this trend to continue.
Last month, copper topped $10,000 per ton for the first time in two years, with analysts citing strong demand and tight supply that could be boosted by BHP’s offer.
Anglo said on Tuesday it planned to divest its steelmaking coal arm and was exploring plans to divest its nickel operations.
He also said that British American Platinum would be taken out of the water and the De Beers diamond company would be split up or sold.
Anglo said the BHP offer was “not a problem” for the group and its prospects.
The new offer is valued at around £27.53 per share, which UK said was “very attractive” and “opportunistic” in April.
In early London on Tuesday, UK shares traded at £27.05.
British shares rose as traders plan a trade war with other mining giants such as Glencore or Rio Tinto.
The British American was founded in South Africa in 1917 by the German-born industrialist Ernest Oppenheimer, 15 years after his arrival in London and his career.
It is now one of the largest mining companies in the world and is listed on the London and Johannesburg Stock Exchanges. APPLICATIONSc
