Scott Murdock and Melanie Burton
SYDNEY (Reuters) – BHP’s adviser to Anglo American’s (JO:) $39 billion bid wants to hear from some shareholders as the miner considers revising the offer after its initial offer was rejected last week, sources said.
UBS began scheduling meetings with fund managers this week, three sources with direct knowledge of the situation said Monday. One of them said they would discuss the structure of a potential revised offer from BHP.
Seeking input from BHP investors is a parallel process to discussions BHP executives are having with some shareholders, the first source said. The talks indicate BHP is making efforts to finalize a new offer for Anglo.
The world’s largest listed mining group is considering making an improved offer for Anglo, Reuters reported over the weekend, citing a source.
Meetings with investors sought by UBS will focus on getting details of how the miner’s shareholders think the second bid should be structured, the first source said. This feedback will then be passed back to BHP, the source added.
The sources declined to be identified because the information discussed was not public.
BHP and Anglo declined to comment. UBS did not immediately respond to a request for comment.
Anglo shares in London rose 1.87% on Monday to £26.92. BHP shares in Australia closed down 0.42% at A$42.97.