Rio Tinto Could Bid for Anglo American
May 13, 24(IDEX Online) - Rio Tinto has not ruled out making a rival bid against BHP to acquire part or all of Anglo American, parent company of De Beers.
The Australian metals and mining giant has considered making an offer in the past and "continued to study the day-to-day situation," in the light of BHP's $39bn bid, according to the weekend edition of Australia's Financial Review.
UK-based Anglo rejected the "highly unattractive" BHP all-share offer last month, but did not rule out accepting an increased bid.
Anglo has, reportedly, already been seeking possible buyers for loss-making De Beers, in which it holds an 85 per cent stake (the remainder is owned by the Botswana government).
BHP quit diamond mining in 2013 and would almost certainly sell off De Beers. Rio operates one diamond mine, Diavik, in a remote part of Canada's Northwest Territories. It operated the Argyle mine in Australia, until its closure in November 2020.
BHP has until 22 May, under UK takeover rules, to make a firm offer or walk away from a possible deal.
Pic shows BHP and Rio regional HQs, side by side in Perth, Western Australia.