PIC preference on the proposed BHP offer for Anglo American

22 May 2024

As a shareholder in both entities, the Public Investment Corporation (PIC) believes offers from BHP should reflect both the embedded value of existing Anglo assets and the future optionality and benefits that BHP can derive, specifically from Anglo’s unlisted assets.

“This would require a meaningful revision of the current BHP proposal that should take into consideration the material risks that current shareholders of both Anglo and its subsidiaries would have to assume over an extended time frame,” Mr. Abel Sithole, PIC CEO explained.

“In addition, there has to be future and perpetual participation by South African shareholders in the acquired assets through the JSE,” Mr. Sithole said.

The PIC recognises the positive impact of Anglo American in the South African economy and the region at large, and the company’s role in this regard should not be diminished as a result of the proposed offer by BHP.  

The PIC will continue to engage both companies.

Issued by PIC Corporate Affairs, 22 May 2024