BHP’s ‘unbundle’ demands on bid for Anglo is an indictment on SA economy - Piet Viljoen
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Australian mining group BHP has launched a R650bn takeover bid for SA’s 107-year-old one-time global giant Anglo American – a company now worth just a quarter of BHP’s value. If successful, the deal would merely be “material” rather than “game-changing” for BHP, which is attracted by its rival’s South American copper mines. A key part of the BHP bid is that Anglo must first unbundle its major South African assets Kumba Iron Ore and Anglo Platinum, which the Aussies don’t want any part of. Veteran asset manager Piet Viljoen explains that this is an opening salvo in what could be a lengthy process. He says the bid illustrates SA’s wealth-destructive political governance, practically reflecting the impact of deteriorating national infrastructure and unfriendly business legislation. He spoke to Alec Hogg of BizNews.