LONDON, April 25 (Reuters) - Anglo American investor Redwheel said on Thursday the buyout proposal from BHP Group "does not reflect the value" in the London-listed miner's assets or growth pipeline, as shareholders begin to speak out against a merger.
In an emailed statement to Reuters, John Teahan, portfolio manager of the Redwheel Climate Engagement Strategies, said details of the proposal were "sketchy" and "rather opportunistic", in view of recent weakness in Anglo's shareprice.
"It is unsurprising that Anglo American is an attractive target for BHP. Anglo American has some great assets, particularly in copper," Teahan said, adding that BHP's move could "spur further interest."
Earlier on Thursday, Legal & General Investment Management, Anglo's 11th largest shareholder, according to LSEG data, told Reuters that BHP's proposed exchange ratio was "an unattractive proposition for long-term investors." (Reporting By Sinead Cruise; Editing by Dhara Ranasinghe)
Anglo American (AAL)
Legal & General (LGEN)
