South Africa views BHP Group’s proposed bid for Anglo American as “normal market activity” and is following the process as it unfolds, President Cyril Ramaphosa’s spokesperson said on Monday. BHP is considering making an improved offer for Anglo American after its $39 billion initial proposal was rejected by the London-listed miner, a source told Reuters last week.
Read: Anglo rejects BHP takeover bid as significantly undervalued BHP has until May 22 to make a binding bid. A deal, if successful, would create the world’s biggest miner of copper, a metal central to the clean energy shift. A condition of the miner’s proposal is that Anglo first distributes to shareholders its stakes in Anglo American Platinum and Kumba Iron Ore, both of which operate in South Africa.