Anglo American Plc’s CEO, Duncan Wanblad, stated that the company will not become an “inevitable” takeover target following its decision to unbundle its diamond, platinum, nickel, and coal assets. This restructuring is aimed at concentrating on energy transition metals, particularly copper, after successfully fending off a $49 billion takeover bid from BHP Group in May.
Despite analysts suggesting that a simplified portfolio could attract potential suitors interested in Anglo’s copper assets, Wanblad emphasized his belief that the company will remain a viable, stand-alone entity. In a virtual address at a mining conference in Johannesburg, he expressed confidence in delivering value not just for shareholders but for all stakeholders involved.
Post-restructuring, copper is expected to constitute 60% of Anglo’s business. The company plans to divest from several assets, including its stake in diamond giant De Beers and various coal and nickel operations, while retaining iron ore mines in South Africa and Brazil, as well as the Woodsmith fertilizer project in the UK.
Wanblad also mentioned the possibility of offering one more parcel of shares in Anglo American Platinum (Amplats) after a recent sale of 5.3% of the company’s shares to institutional investors. This divestment strategy is set to be completed by the first half of 2025, contingent on market conditions.