"Anglo investors tell company to move faster to survive BHP bid"

" Anglo investors tell company to move faster to survive BHP bid \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nAnglo American Plc\u2019s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group\u2019s takeover bid.\r\n Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that\u2019s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world\u2019s biggest miner. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nNow,\u00a0 Anglo shareholders \u00a0have been urging the company to expedite that analysis and explain to investors how it would create more value than by just selling to the rival, according to conversations with five of Anglo\u2019s biggest holders, who asked not to be identified as the discussions are private.\r\n\r\nAnglo may unveil the strategy as soon as the coming week, when the world\u2019s top mining bosses attend Bank of America Corp.\u2019s annual conference in Miami, according to people familiar with the matter.\r\n\r\nStill, the situation remains fluid and Anglo is weighing the best time to show its hand, with BHP expected to return with a fresh bid and activist investor Elliott Investment Management, which has emerged as one of Anglo\u2019s biggest shareholders, potentially planning to make its views public too.\r\n\r\nAn Anglo spokesman declined to comment.\r\n\r\nAnglo Chief Executive Officer Duncan Wanblad told investors in February that while there was urgency about the company\u2019s review, there was a danger of making decisions at the wrong point in the cycle.\r\n\r\nThe mining industry has been captivated by BHP\u2019s move, watching to see what comes next. BHP likely will return with a fresh offer, but sitting on the sidelines is Elliott.\r\n\r\nBHP presented its own vision for Anglo: separate two giant South African businesses and buy the rest, including the company\u2019s copper mines, its crown jewels.\r\n\r\nAnglo quickly dismissed BHP\u2019s proposal, saying the value was too low and the spinoff plan was unworkable. Still, investors want to know what Anglo plans to do with the diamond business De Beers, the $9 billion Woodsmith fertilizer project underway in northern England, and those South African units.\r\n\r\nInvestors have pushed the company to slow spending on Woodsmith, bring in a partner, or even halt development altogether, some of the people said. The company is currently spending about $1 billion a year on the project.\r\n\r\nIn addition, some see De Beers as a strange fit for Anglo \u2014 diamonds are a discretionary product and require significant marketing in a way other commodities don\u2019t \u2014 and its growth options are limited.\r\n\r\nStill, De Beers is seen as a trophy asset, so while diamonds are at a low point, Anglo won\u2019t accept a lowball offer.\r\n\r\n \r\n \r\n \r\n "

"Anglo investors tell company to move faster to survive BHP bid"

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