How BHP’s ‘Meticulous Mike’ prepared for Anglo American rebuff
Dubbed “Meticulous Mike” by the Australian media, the Canadian executive must have carefully planned his move for Anglo, down to the inevitable initial rejection.
In the autumn of 2020 at the height of the coronavirus pandemic, Australian mining behemoth BHP completed a relatively small oil deal in the Gulf of Mexico, buying out minority partner Hess Corporation.
In hindsight, the $US505 million transaction marked BHP chief Mike Henry’s nascent acquisition drive. This ambition culminated when BHP chairman Ken Mackenzie called his counterpart at Anglo American on April 16 to deliver a £31 billion ($60 billion) preliminary offer for the London-listed miner. If successful, it will be the biggest takeover in the history of the mining sector.
