BHP’s decision to go public with its pitch to solve Anglo American’s South African problems was a move designed to win an extension between the two mining giants. It failed.
Chief executive Mike Henry needed to win over Anglo shareholders with just the right merger offer. He needed to work his way through a string of asset sales to offload Anglo’s unwanted manganese, diamonds, nickel and potash businesses.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
