Anglo American to Spin Off De Beers Diamond Business in Major Restructuring Move as It Faces Takeover Pressure from BHP Group from gin move Watch Video
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⏲ Duration: 0:36 👁 View: 115K times ✓ Published: 15-May-2024
Description: Anglo American plans to spin off its De Beers diamond business as part of a wider restructuring amid pressure from BHP Group's takeover advances. The mining company will also divest its steelmaking coal, nickel, and platinum divisions following a strategic review. The accelerated overhaul is seen as a defense tactic against a hostile bid from BHP after rejecting its latest $42 billion takeover offer. Selling off non-core assets could attract interest from other potential buyers for parts of the business. Shares of Anglo American fell over 3% in early Tuesday trading.