London-listed Anglo-American confirmed BHP’s offer on Thursday with its share price jumping more than 13% in early trading. Shares of AAL had fallen 12% over the past 12 months, giving the company a market value of £27 billion at Wednesday’s price, dwarfed by BHP, which has a market value of about $230 billion. We heard AAL described as “a sitting duck after the sharp decline in its share price last year” due to operational setbacks, weaker commodity prices and downgraded production guidance.
- We like Anglo America PLC, around £25.60. We can see a higher bid in time, but if not, it represents good value here – ask BHP!
MM is bullish AAL around £25.00
Add To Hit List
