British mining heavyweight Anglo American has powered the FTSE 100 to a new record high after it confirmed it is “reviewing” a takeover bid from its larger Australian rival BHP.
Anglo American has jumped as much as 13.6pc, adding £3.7bn to its valuation, pushing the UK’s blue-chip stock index as much as 0.7pc higher to an unprecedented 8.098.14.
BHP said its offer values the London-listed miner, which owns the De Beers diamond empire, at £31.1bn - although the jump in its share price today would value the business at close to £34bn.
The deal, which must be sewn up before a deadline of May 22, would create the world’s biggest copper miner with around 10pc of global output.
Anglo American’s lucrative copper assets - including major projects in Chile and Peru - were widely seen as a key driver of BHP’s interest.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the deal could “send a fresh chill through the City of London”.
She said: “There are concerns that if the deal goes through it could be the tip of the iceberg and more giants could leave the exchange.”
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2024-04-25 10:34:17Z
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