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Bloomberg reports that SA’s largest labour union federation has urged local shareholders, including the powerful Public Investment Corporation (PIC), to oppose BHP Group's bid to buy Anglo American.
The Congress of South African Trade Unions (Cosatu), which includes the National Union of Mineworkers among its affiliates, said a deal would not be in the national interest. South African shareholders hold about 26% of Anglo, with the PIC owning 8.4%. BHP’s proposal on 25 April to acquire Anglo raised the ire of some members of SA’s government, including Mining Minister Gwede Mantashe. The Australian company responded by deploying a senior team including its chief executive officer to SA to win over government officials, regulators and local Anglo shareholders. BHP’s proposal includes a plan for Anglo to spin off its platinum and iron ore units before an eventual takeover of the remaining assets. BHP is targeting Anglo for its South American copper mines, which would make it the world’s biggest producer of the key metal. Anglo has rejected the initial bid, but BHP is expected to make an improved offer. The PIC, which manages the pensions of government workers, has said it would assess any BHP offer. "Cosatu is deeply concerned about the possible sale of Anglo assets in South Africa to BHP. It is critical that South African shareholders, including the PIC, ensure these assets remain South African-owned," the federation said on Tuesday
- Read the full original of the report in the above regard by Antony Sguazzin at Fin24
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