BHP keeps the door open for another Anglo bid

Mining giant BHP on Thursday moved to clarify that comments made at its annual general meeting (AGM) this week aren’t a statement of intent not to make another bid for Anglo American.In response to questions on Wednesday, BHP chair Ken MacKenzie said the company had “moved on” from its failed bid to acquire Anglo American earlier this year.In terms of the UK takeover rules, BHP declined to table a formal offer for Anglo in May this year after it received an icy reception for its proposal from the Anglo board.The rules dictate that BHP cannot come back with a new offer for a period of six months.Speculation is now mounting that BHP is likely to take another shot at acquiring Anglo, and its valuable copper assets in particular.In a statement on Thursday, BHP said that the comments made at the AGM “were not intended to be a statement to which Rule 2.8 of the UK City Code on Takeovers and Mergers applies, nor intended to carry any other consequences under the UK Code”.The group said the UK Takeover Panel Executive has confirmed that “the comments made will not be treated as a statement of intention not to make an offer”, and referring to rules that require a person making a statement that an offer is not intended should make the statement as clear and unambiguous as possible.