LONDON — Mining giant Anglo American PLC plans to break up its sprawling worldwide business — including spinning off the DeBeers diamond operation — as it seeks to fend off a takeover and focus on minerals that are expected to boom amid the global shift to green energy.
The announcement came a day after Anglo American rejected a sweetened takeover bid from rival BHP Group that valued the company at 34 billion pounds . That was about 9% higher that BHP’s previous offer.
Demand for copper, a key component of electrical wiring, solar panels, wind turbines and electric vehicles, is expected to double by 2035, according to an analysis from S&P Global Market Intelligence.Anglo American also says high-quality iron ore from its mines can help steel producers reduce carbon emissions, while the naturally occurring fertilizer the company produces can help boost crop yields and reduce emissions from agriculture.
At the end of last year, the company had about 60,000 employees in 13 countries stretching from Australia to Peru. Anglo American acknowledged the impact the reorganization plan could have on workers, promising to engage with “relevant stakeholders” and comply with all consultation requirements and local laws.This dividend stock is still down by 36% in the last year but offers even more growth after taking a year to balance the books. The post Should You Buy This 7% Dividend Stock While it’s Below $6? appeared first on The Motley Fool Canada.The TFSA can help every Canadian become a wealthy retiree.