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 was founded more than 100 years ago to mine gold in South Africa and quickly expanded into diamonds, platinum and copper.