Anglo Goes for Bold Breakup Plan in Move to Fend Off BHP
- Miner to sell or demerge iconic De Beers diamond business
- Plan is similar to BHP’s vision set out in takeover bid
Anglo American Plc will exit diamond, platinum and coal mining in a massive restructuring designed to fend off a £34 billion ($43 billion) bid from rival BHP Group and turn itself into a copper giant.
Anglo’s hand was forced by BHP’s approach — which it has twice rejected — but the move also responds to pressure from shareholders to shed less profitable businesses and focus on the copper assets that are the envy of the industry. It leaves a much simpler company — and a potentially more attractive one to suitors.