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As BHP Group considers its next move, there’s one big
question facing the mining world’s bankers, analysts and executives at rival
producers: What’s Anglo American Plc actually worth?
Anglo’s shares are trading about 8% above the price implied
by BHP’s initial proposal, which was swiftly and firmly rejected, and Bloomberg
reported on the weekend that the larger firm was considering an improved offer.
But how high can BHP go? The world’s biggest miner needs to
thread the needle with an offer that can win over Anglo investors while
maintaining the support of its own shareholders — especially given the
company’s history of disastrous dealmaking.
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