Large Anglo shareholders are backing miner’s stance on BHP talks

Several of Anglo American’s big shareholders have said they support the company’s efforts to persuade BHP Group to change the structure of its takeover proposal or compensate for the risks it presents, before accepting any offer.

BHP has one week to convince its target of the value of its $49-billion acquisition plan, after Anglo announced on Wednesday it had rebuffed a third bid and agreed to extend a regulatory deadline. With the clock reset, discussions will center around BHP’s insistence that Anglo spin off majority stakes in South African platinum and iron ore units before the takeover can proceed.