Deadline looms for BHP’s bid for Anglo American
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 May 2024
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, May 22nd. I'm Julie Morgan. Time is winding down for BHP and Anglo-American. |
| 0:17.0 | Advanced Energy proposed to XP power, but the company said, |
| 0:21.3 | nah, that's okay. |
| 0:22.9 | And the buzz surrounding Tesla semi sent the stock ire. |
| 0:28.0 | The clock is ticking on BHP's ambitious 43 billion dollar bid |
| 0:32.4 | to acquire smaller rival Anglo-American. |
| 0:35.8 | The Australian Mining Giant has until 5 p.m. London time today, Wednesday to make a binding |
| 0:42.1 | takeover offer. |
| 0:43.6 | Anglo-American has already rejected two offers from BHP and instead revealed a major company |
| 0:50.5 | overhaul that includes the sale of its steel making coal and |
| 0:54.1 | nickel businesses and potential divestment or demurger of its platinum and diamond |
| 0:59.8 | units. BHP CEO Mike Henry last week said he remains wholly confident in the improved $43 billion offer, |
| 1:08.5 | saying it will be up to Anglo-American shareholders to determine which company is best positioned to deliver value. |
| 1:15.8 | If BHP decides to stop pursuing a deal, it will have to stay away for at least six months, |
| 1:22.3 | according to UK takeover rules. |
| 1:25.0 | Continuing on the topic of takeovers, the Board of XP Power, has rejected a takeover |
| 1:31.2 | offer from advanced energy for 1950 per share in cash. |
| 1:36.0 | That is in pounds by the way. |
| 1:38.1 | XP Power considered the proposal and concluded that it fundamentally undervalues the Singapore |
| 1:44.3 | base company and its prospects. It also noted that trading for 2024 has been |
| 1:49.9 | in line with its expectations. |
... |
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