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BHP Group Limited (NYSE:BHP) surged to a three-month peak on Tuesday, just hours before the deadline to submit a formal bid for competitor Anglo American Plc (OTC:AAUKF).
According to Benzinga Pro, BHP stock has gained 6% in past three months.
Last week, Anglo American turned down BHP’s improved $43 billion acquisition offer.
Under UK takeover regulations, BHP must submit a binding bid for Anglo American by 1600 GMT on Wednesday or face a mandatory six-month abstention period, Reuters reported.
However, if an agreement is reached before the deadline, an extension can be negotiated, the report added.
BHP, the leading global miner, sees a share boost amid positive developments: China’s property stimulus, record copper prices, and perceptions that BHP may not pursue Anglo American further, notes Andy Forster, a senior investment officer at Argo Investments and BHP shareholder.
“We saw last week that they had a bit of a bounce after rejection by Anglo,” Forster said, Reuters added. “I think they’re going to stay disciplined. I’d be surprised if they’d come back at this late stage given the lukewarm response from Anglo’s board to the previous offers.”
According to an Australia-based investment banker speaking anonymously to Reuters, Anglo American would require six to 12 months to conduct a sales process for its coal assets. Consequently, bankers are actively competing to secure business from potential buyers.
Investors can gain exposure to the stock via Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF (NYSE:CRIT) and Exchange Traded Concepts Trust Range Global Coal Index ETF (NYSE:COAL).
Price Action: BHP shares are trading higher by 0.15% to $61.68 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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