Anglo American confirms takeover proposal from BHP

(Sharecast News) - Anglo American confirmed late on Wednesday that it had received an unsolicited non-binding and highly conditional all-share takeover proposal from Australia's BHP Group. The London-listed miner, which did not disclose any financial details, said it was reviewing the proposal.

It said: "The board is currently reviewing this proposal with its advisers.

"There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made."

The statement from Anglo came after Bloomberg reported that BHP was considering a potential multibillion takeover offer.

Bloomberg said talks were at an early stage.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "The buyout offer from BHP, the world's largest publicly listed miner, for Anglo American, won't just shake up the mining industry, but will send a fresh chill through the City of London.

"There are concerns that if the deal goes through it could be the tip of the iceberg and more giants could leave the exchange. It comes hot on the heels of speculation that Shell might up sticks and leave for New York, rumours that Ocado may be considering leaving for the Big Apple, and follows the crushing disappointment of home-grown chip designer Arm choosing the Nasdaq over the FTSE 100."