BHP’s South Africa Snub an Indictment of ANC, Opposition Says
- BHP put in a $39 billion offer for Anglo American on Thursday
- Wants Anglo to spin off South African assets as part of deal
BHP Group Ltd.’s bid to spin off Anglo American Plc’s South African assets as part of a takeover proposal shows how the economic policies of the ruling African National Congress have undermined investor confidence in the country, the main opposition party said.
The offer by BHP envisages Anglo offloading majority stakes in Anglo American Platinum Ltd., the world’s largest miner of the metal by market value, and Kumba Iron Ore Ltd. to shareholders. Anglo on Friday rejected the £31.1 billion ($38.7 billion) proposal by BHP because it “significantly undervalues” the company.