Anglo American to Spin Off De Beers Diamond Business in Major Restructuring Move as It Faces Takeover Pressure from BHP Group
Anglo American plans to spin off its De Beers diamond business as part of a wider restructuring amid pressure from BHP Group's takeover advances. The mining company will also divest its steelmaking coal, nickel, and platinum divisions following a strategic review. The accelerated overhaul is seen as a defense tactic against a hostile bid from BHP after rejecting its latest $42 billion takeover offer. Selling off non-core assets could attract interest from other potential buyers for parts of the business. Shares of Anglo American fell over 3% in early Tuesday trading.
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00:00 It's Benzinga and here's what's on the block.
00:02 Anglo American plans to spin off its De Beers diamond business as part of a wider restructuring
00:07 amid pressure from BHP Group's takeover advances. The mining company will also divest its steel
00:12 making, coal, nickel, and platinum divisions following a strategic review. The accelerated
00:16 overhaul is seen as a defense tactic against a hostile bid from BHP after rejecting its latest
00:21 $42 billion takeover offer. Selling off non-core assets could attract interest from other potential
00:27 buyers for parts of the business. Shares of Anglo American fell over 3% in early Tuesday trading.
00:32 For all things money, visit Benzinga.com
00:34 (thud)