CEO Duncan Wanblad reported that Anglo American Plc will not become an inevitable takeover target after offloading its diamond, platinum, nickel and coal assets.
Anglo American is restructuring its business to focus on copper metal energy transition after rejecting a $49 billion takeover bid from rival BHP Group in May.
Some analysts report that Anglo’s simplified portfolio could make it a more attractive acquisition target for suitors interested in its copper assets.
Wanblad said he does not believe that it can be avoided altogether. He is confident that his Company will be viable and able to stand on its own in the market. He also added that he doesn’t really care what other people think. He said he will only focus on realizing the strategy to create value not only for shareholders, but also for all stakeholders.
Following the company’s divestment from diamond giant de Beers, Wanblad said that copper will make up 60% of Anglo’s business, as well as its Australian steelmaking coal assets, Brazilian nickel mines, and Anglo American Platinum (Amplats) in South Africa.
In addition to the copper assets in Chile, Anglo will also retain iron ore mines in South Africa and Brazil, as well as the Woodsmith fertilizer project in the UK.
Wanblad said Anglo could potentially offer one more share package in Amplats after selling a 5.3% stake in the company last month to institutional investors as it seeks to carefully manage the divestment, which is scheduled for completion in the first half of 2025.
