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BHP/Anglo American: A Decarbonising Solution

BHP to Consider Sweetened Proposal for Anglo

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Event-Driven

<ul>
<li>In this note we assess the JSE Top 40 index effect of an Anglo American restructuring or takeover by BHP, assuming the Amplats and Kumba stakes are spun out.</li>
<li>We also explore the details of BHP's initial offer and what the market could be pricing with respect to a potential revision of BHP's stock offer (minimum).</li>
<li>If Kumba is unbundled from Anglo American, we expect the stock to enter the JSE Top 40. Potential deletes are included in the note.</li>
</ul>


In this note we assess the JSE Top 40 index effect of an Anglo American restructuring or takeover by BHP, assuming the Amplats and Kumba stakes are spun out.
We also explore the details of BHP's initial offer and what the market could be pricing with respect to a potential revision of BHP's stock offer (minimum).
If Kumba is unbundled from Anglo American, we expect the stock to enter the JSE Top 40. Potential deletes are included in the note.


Anglo American (AGL, AAL): JSE Index Effects of Potential Takeover or Restructuring