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Anglo American considers bid for Rio Tinto

Anglo American is considering making an offer to Rio Tinto after BHP's takeover bid was rejected.

Anglo American considers bid for Rio Tinto

Anglo American, the foremost producer of iron ore and copper worldwide, is contemplating extending an offer to Rio Tinto, the global mining giant.

Recently, Anglo American rebuffed a second acquisition proposal from BHP amounting to US$ 42.71 billion, which could have marked one of the largest mining transactions in recent memory. While Rio Tinto has entertained the idea of tendering an offer before, its leadership remains open to the possibility of a bid for the entire mining conglomerate.

Concurrently, Glencore is assessing its potential for a takeover bid targeting Anglo. Refuting BHP's advances, Anglo American's board asserted that the offers substantially underestimate the company's value and its future trajectory. Gwede Mantashe, South Africa's mining minister, voiced opposition to the BHP takeover, citing the nation's less-than-favorable history with the mining corporation.

Notably, the Public Investment Company, a South African government entity, holds a 7% stake in Anglo American. Presently, the mining firm is devising a recovery strategy, which includes measures such as production curtailments to counteract declining prices and escalating expenses.

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