Anglo American's corporate head office in South Africa
LONDON - Legal & General Investment Management, one of the 20 largest shareholders in Anglo American said an approach by BHP Group is "highly opportunistic" and "unattractive".
"As with many other UK-listed companies, we believe the valuation of Anglo American to be depressed and regard the proposed exchange ratio as an unattractive proposition for long-term investors," Nick Stansbury, head of climate solutions at Legal & General Investment Management (LGIM), told Reuters in an email on Thursday.
"The industry is extremely concentrated today, and further consolidating it will not contribute to accelerating investment in the way we believe is needed."