Mining giant BHP Billiton makes $39 billion bid for Anglo American to expand copper operations

By PAN PYLAS
Associated Press

LONDON (AP) — Shares in U.K.-based mining giant Anglo American have surged after it received a 31 billion-pound ($39 billion) takeover bid from rival BHP Billiton. The deal would create the world’s biggest copper miner, with around 10% of global output. Anglo American’s share price closed up 16% in London on Thursday after revealing that BHP had put forward the “unsolicited” and “highly conditional” takeover proposal. BHP says the deal would boost its presence in the copper market, which is seeing demand soar amid the shift toward clean energy. Copper is sought after as the metal is used in renewable energy projects and electric vehicles.