{"id":771762,"date":"2024-05-14T08:45:00","date_gmt":"2024-05-14T06:45:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=771762"},"modified":"2024-05-14T09:23:04","modified_gmt":"2024-05-14T07:23:04","slug":"anglo-american-to-cut-south-african-business","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/771762\/anglo-american-to-cut-south-african-business\/","title":{"rendered":"Anglo American to cut South African business"},"content":{"rendered":"\n<p>Anglo American Plc plans to exit diamond, platinum, and coal mining in one of the biggest shake-ups in the company\u2019s 107-year history, as the miner seeks to fight off a takeover approach from its bigger rival BHP Group.<\/p>\n\n\n\n<p>Anglo said that it plans to demerge or sell its De Beers diamond business, <strong>separate its Anglo American Platinum Ltd. unit<\/strong> <strong>(based in South Africa) <\/strong>and sell its coking coal mines in Australia. It will also slow spending on a giant fertilizer mine in England.&nbsp;<\/p>\n\n\n\n<p>However, South African-based Kumba Iron Ore will continue to be part of the broader Anglo American Group.<\/p>\n\n\n\n<p>While Anglo has been working on a turnaround plan since the middle of last year, it\u2019s been forced to accelerate the process after BHP proposed a takeover last month. <\/p>\n\n\n\n<p>So far, Anglo has rejected two proposals from BHP \u2014 the latest worth \u00a334 billion (R782 billion) \u2014 saying they undervalue the company and the structure is unworkable.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"sBwXJqkwW2\"><a href=\"https:\/\/businesstech.co.za\/news\/business\/771656\/anglo-american-rejects-new-r782-billion-takeover-offer-from-bhp\/\">Anglo American rejects new R782 billion takeover offer from BHP<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Anglo American rejects new R782 billion takeover offer from BHP&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business\/771656\/anglo-american-rejects-new-r782-billion-takeover-offer-from-bhp\/embed\/#?secret=IxxRxum6pP#?secret=sBwXJqkwW2\" data-secret=\"sBwXJqkwW2\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Anglo is pinning its hopes on investors supporting its plan \u2014 and backing management to deliver it \u2014 rather than pushing to accept an offer from BHP. Investors had been demanding Anglo come out with its own plan.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/trending\/771746\/rand-flexes-as-investors-bet-on-friendly-election-results\/\">Rand flexes as investors bet on \u2018friendly\u2019 election results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Anglo American plans to seperate its South African platinum business, but there is still a positive for its iron operations. <\/p>\n","protected":false},"author":59,"featured_media":769580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[2318,19848,26],"class_list":["post-771762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-anglo-american","tag-bhp","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/771762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=771762"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/771762\/revisions"}],"predecessor-version":[{"id":771774,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/771762\/revisions\/771774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/769580"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=771762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=771762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=771762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}