Happy BHP day! From midnight tonight, the Australian miner is free under UK market rules to make another bid for Anglo American, after the latter spurned a complex £39bn all-share offer in May.
But whether BHP returns — or another suitor appears — one thing is clear: the frenetic six-week pursuit earlier this year has already given Anglo a leg-up.
Shares in the London-listed group have outperformed since April (BHP made its opening offer on the 25th of that month). Its shares are up 16 per cent compared with falls at peers including BHP, Rio Tinto and Glencore. More impressive, that has come against weakness in the prices of key commodities such as iron ore.
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