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Effective URL: https://www.angloamerican.com/media/press-releases/2024/14-05-2024
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<li class="level2"><a href="/careers/life-at-anglo-american" title="Life at Anglo American"><span>Life at Anglo American</span></a></li>
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<li class="level3-title"><a href="/careers/how-we-hire">Overview</a></li>
<li class="level3 first"><a href="/careers/how-we-hire/including-you" title="Including you"><span>Including you</span></a></li>
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<li class="level3-title"><a href="/investors/annual-reporting">Overview</a></li>
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<li class="level2"><a href="/investors/investor-presentations" title="Investor presentations"><span>Investor presentations</span></a></li>
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<li class="level3-title"><a href="/investors/share-price-and-tools/lse">Overview</a></li>
<li class="level3 first"><a href="/investors/share-price-and-tools/lse/share-price" title="LSE"><span>LSE</span></a></li>
<li class="level3"><a href="/investors/share-price-and-tools/jse/share-price" title="JSE share tool"><span>JSE share tool</span></a></li>
<li class="level3"><a href="/investors/share-price-and-tools/pink-sheets/share-price" title="Pink sheets (OTC)"><span>Pink sheets (OTC)</span></a></li>
<li class="level3 last"><a href="/investors/share-price-and-tools/total-shareholder-return-chart" title="Total shareholder return chart"><span>Total shareholder return chart</span></a></li>
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<li class="level3-title"><a href="/investors/dividend-information/dividend-calculator">Overview</a></li>
<li class="level3 first"><a href="/investors/dividend-information/dividend-calculator/ise" title="Dividend calculator"><span>Dividend calculator</span></a></li>
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<li class="level3"><a href="/investors/dividend-information/dividend-reinvestment-plans" title="Dividend reinvestment plans"><span>Dividend reinvestment plans</span></a></li>
<li class="level3 last"><a href="/investors/dividend-information/dividend-history" title="Dividend history"><span>Dividend history</span></a></li>
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<li class="level3-title"><a href="/investors/shareholder-information/registrars">Overview</a></li>
<li class="level3 first"><a href="/investors/shareholder-information/shareholder-faqs" title="Shareholder FAQs"><span>Shareholder FAQs</span></a></li>
<li class="level3"><a href="/investors/shareholder-information/agm/agm2024" title="AGM/EGM"><span>AGM/EGM</span></a></li>
<li class="level3"><a href="/investors/shareholder-information/share-dealing-service" title="Share dealing service"><span>Share dealing service</span></a></li>
<li class="level3"><a href="/investors/shareholder-information/american-depositary-receipts-adrs" title="American depositary receipts (ADRs)"><span>American depositary receipts (ADRs)</span></a></li>
<li class="level3"><a href="/investors/shareholder-information/shareholder-forms" title="Shareholder forms"><span>Shareholder forms</span></a></li>
<li class="level3"><a href="/investors/shareholder-information/tax" title="Historical tax information"><span>Historical tax information</span></a></li>
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<li class="level3 last"><a href="/investors/shareholder-information/glossary" title="Glossary"><span>Glossary</span></a></li>
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<li class="level2"><a href="/investors/fixed-income-investors" title="Fixed income investors"><span>Fixed income investors</span></a></li>
<li class="level2"><a href="/investors/latest-consensus-estimates" title="Latest consensus estimates"><span>Latest consensus estimates</span></a></li>
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<li class="level3-title"><a href="/investors/archive">Overview</a></li>
<li class="level3 first last"><a href="/investors/archive/demerger" title="Demerger of South Africa thermal coal "><span>Demerger of South Africa thermal coal </span></a></li>
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<li class="level1"><a href="/our-stories" title="Our Stories"><span>Our Stories</span></a></li>
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<span> Anglo American accelerates delivery of strategy to unlock significant value </span>
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<h2>Anglo American accelerates delivery of strategy to unlock significant value</h2>
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<p> 14 May, 2024 </p>
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<p><strong>Radically simplified portfolio of world-class assets in copper, premium iron ore and crop nutrients </strong></p>
<p>Anglo American plc (“Anglo American”) is today setting out a clear, compelling and decisive plan to unlock significant value from its portfolio and accelerate the delivery of consistently stronger shareholder returns.</p>
<p>Following completion of the asset review initiated during 2023, Anglo American plans to implement a number of major structural changes to accelerate delivery against its strategic priorities of operational excellence, portfolio
simplification, and growth:</p>
<p><strong><em>Undiluted Anglo American shareholder participation in a simpler portfolio of world-class assets with full value transparency</em></strong></p>
<ul>
<li><strong>Copper</strong>
<ul>
<li>3 of the top 10 producing copper mines in South America, with outstanding resource endowments</li>
<li>Set for multiple decades of competitive production and growth, with a defined pathway to >1mtpa of copper production</li>
</ul>
</li>
<li><strong>Premium iron ore</strong>
<ul>
<li>Focused producer of 100% premium product, ideally suited to support steel decarbonisation</li>
<li>Attractive resource endowments in Brazil and South Africa</li>
</ul>
</li>
<li><strong>Crop nutrients</strong>
<ul>
<li>Slow down development to support balance sheet deleveraging, while critical technical studies are completed in 2025, to then support syndication. Capex reduced to $200 million in 2025 and no capex in 2026</li>
<li>Preserving long term value from high quality asset with multi-generational resource scale</li>
</ul>
</li>
</ul>
<p><strong><em>Compelling value proposition exclusively for Anglo American’s shareholders</em></strong></p>
<ul>
<li><strong>Portfolio and structure transformation </strong>– 100% future-enabling portfolio, including 54% copper production, in products that support the energy transition, improving global living standards and food security</li>
<li><strong>Outstanding organic growth </strong>– Proven project delivery and sustainability leadership</li>
<li><strong>High quality financial profile </strong>– EBITDA margin increases to 46% from 31% on a 2023 pro forma basis<sup>1</sup></li>
<li><strong>Efficiency and accountability </strong>– $1.7 billion lower cost of new portfolio configuration. This includes $0.8 billion of additional pre-tax recurring annual run rate cost benefits from the end of 2025<sup>2</sup>
</li>
<li><strong>Disciplined capital allocation </strong>– less than 1.5x net debt:EBITDA leverage at bottom of the cycle, with 40% dividend payout maintained</li>
</ul>
<p><strong><em>Clear pathway for portfolio value delivery – in the right way and for value</em></strong></p>
<ul>
<li><strong>Steelmaking Coal</strong> – To be divested and currently responding to strong buyer interest</li>
<li><strong>Nickel </strong>– Exploring options for care and maintenance and divestment</li>
<li><strong>Anglo American Platinum</strong> – To be demerged in a responsible and orderly way to optimise value for both Anglo American’s and Anglo American Platinum’s shareholders</li>
<li><strong>De Beers</strong> – To be divested or demerged, to improve strategic flexibility for both De Beers and Anglo American</li>
</ul>
<p><strong>Duncan Wanblad, Chief Executive of Anglo American, said</strong>:</p>
<p>“We set out our clear strategic priorities earlier this year – operational excellence, portfolio simplification, and growth. Our decision to focus Anglo American’s portfolio in our world-class resource asset base in copper and
premium iron ore – while retaining our crop nutrients optionality at Woodsmith – marks a major new phase in executing our strategy.</p>
<p>“We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction.</p>
<p>“Anglo American’s shareholders will see the full undiluted upside from these extensive changes, with the value of our copper and iron ore assets brought to the fore. This next step in the transformation of Anglo American’s portfolio
is set to accelerate the recognition of value that has been inherent in our business for many years and provide Anglo American’s shareholders with undiluted and differentiated participation in the major structural demand trends, while
minimising any frictional costs associated with this major portfolio transformation. </p>
<p>“These actions represent the most radical changes to Anglo American in decades. I believe these are the right decisions to position Anglo American to capitalise on the outstanding resource endowment opportunities within our portfolio
today. Our proven and differentiated capabilities within Anglo American, our global relationship networks and our longstanding reputation as a responsible mining company will help us unlock numerous of these and other opportunities in
the jurisdictions where our experience and track record are most valuable and most valued, namely in South America and Southern Africa.</p>
<p>“Of course, we are conscious of the impacts of making such far-reaching changes, particularly on our employees. We see considerable opportunities for our employees, both in delivering the full potential of Anglo American and in the
businesses that we will be divesting or demerging, all of which are high quality businesses in their own right. By implementing these portfolio changes ourselves, we will be able to do so in a manner that is respectful of our
employees, host communities and countries, including ensuring that in South Africa in particular Anglo American continues to play its role as a responsible business leader to support the country’s national priorities.</p>
<p>“We are taking clear and decisive action to deliver value – safely, responsibly and reliably – in the long term interests of our shareholders and other stakeholders, and to deliver the products that are so critical to enabling the
energy transition and supporting improved global living standards and food security.”</p>
<p>
<a title="PDF, 256 KB, opens in a new window" target="_blank" href="/~/media/Files/A/Anglo-American-Group-v5/PLC/microsite/anglo-american-accelerates-delivery-of-strategy-to-unlock-significant-value.pdf" data-lf-fd-inspected-kn9eq4r1y2k7rlvp="true">View full PDF of this press release (256 KB, opens in a new window)</a>
</p>
<p><strong><br> Footnotes:</strong> </p>
<p><sup>1</sup> 2023 Pro-forma financials represent 2023 reported performance of the retained business adjusted for the incremental $0.6bn of Corporate cost savings (relating to Corporate and business overheads and Corporate projects
and initiatives) included in the QFBS and $0.2bn of previously announced Corporate cost savings not already recognised in 2023, reflecting the cost of the ongoing Corporate business supporting the retained businesses. </p>
<p><sup>2</sup> The statements above labelled by way of footnote 2 include a quantified financial benefits statement (the “QFBS Footnoted Statements”) for the purposes of Rule 28 of the City Code on Takeovers and Mergers (the “Takeover
Code”), which have been reported on in accordance with the requirements of the Takeover Code in the form set out in Part A to the Appendix (the “Quantified Financial Benefits Statement”). Further information on the Quantified
Financial Benefits Statement, including the basis of preparation and principal assumptions, are set out in the Appendix to this announcement. As required by Rule 28.1(a) of the Takeover Code, the Quantified Financial Benefits
Statement has been reported on by KPMG LLP (“KPMG”), as reporting accountant to Anglo American, and Centerview Partners UK LLP (“Centerview”), Goldman Sachs International (“Goldman Sachs”) and Morgan Stanley & Co. International
plc (“Morgan Stanley”), as financial advisers to Anglo American, have provided the relevant reports required under that Rule. Copies of these reports are included in Parts B and C of the Appendix to this announcement and references in
this announcement to the QFBS Footnoted Statements should be read in conjunction with those parts of the Appendix. As required by Rule 28.1(a) of the Takeover Code, KPMG, as reporting accountant to Anglo American, has provided a
report (set out in Part B of the Appendix) stating that, in its opinion, the Quantified Financial Benefits Statement has been properly compiled on the basis stated. In addition, Centerview, Goldman Sachs and Morgan Stanley, as
financial advisers to Anglo American, have provided a report (set out in Part C of the Appendix) for the purposes of the Takeover Code stating that, in their opinion and subject to the terms of the report, the Quantified Financial
Benefits Statement, for which the Anglo American directors are responsible, has been prepared with due care and consideration. Each of KPMG, Centerview Partners, Goldman Sachs and Morgan Stanley has given and has not withdrawn its
consent to the publication of its report in the form and context in which it is included. </p>
</div>
</div>
</div>
</div>
<div class="further-content-wrapper">
<div class="container-fluid">
<div class="ir-wrapper-4">
<div class="two-col-further-content">
<h2> For further information, please contact: </h2>
<div class="scroll-table-container">
<table class="rad-datatable" width="100%" cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<th><strong style="font-weight: bold;">Media</strong></th>
<th><strong style="font-weight: bold;">Investors</strong></th>
</tr>
<tr>
<td><strong style="font-weight: bold;">UK</strong></td>
<td><strong style="font-weight: bold;">UK</strong></td>
</tr>
<tr>
<td>James Wyatt-Tilby</td>
<td>Tyler Broda</td>
</tr>
<tr>
<td>Email: <a href="mailto:james.wyatt-tilby@angloamerican.com">james.wyatt-tilby@angloamerican.com</a></td>
<td>Email: <a href="mailto:tyler.broda@angloamerican.com">tyler.broda@angloamerican.com</a></td>
</tr>
<tr>
<td>Tel: +44 (0)20 7968 8759</td>
<td>Tel: +44 (0)20 7968 1470</td>
</tr>
<tr>
<td>Marcelo Esquivel</td>
<td>Emma Waterworth</td>
</tr>
<tr>
<td>Email: <a href="mailto:marcelo.esquivel@angloamerican.com">marcelo.esquivel@angloamerican.com</a></td>
<td>Email: <a href="mailto:emma.waterworth@angloamerican.com">emma.waterworth@angloamerican.com</a></td>
</tr>
<tr>
<td>Tel: +44 (0)20 7968 8891</td>
<td>Tel: +44 (0)20 7968 8574</td>
</tr>
<tr>
<td>Rebecca Meeson-Frizelle </td>
<td><br>
</td>
</tr>
<tr>
<td>Email: <a href="mailto:rebecca.meeson-frizelle@angloamerican.com">rebecca.meeson-frizelle@angloamerican.com </a></td>
<td><br>
</td>
</tr>
<tr>
<td>Tel: +44 (0)20 7968 1374 </td>
<td><br>
</td>
</tr>
<tr>
<td><strong style="font-weight: bold;">South Africa</strong></td>
</tr>
<tr>
<td>Nevashnee Naicker</td>
<td>Juliet Newth</td>
</tr>
<tr>
<td>Email: <a href="mailto:nevashnee.naicker@angloamerican.com">nevashnee.naicker@angloamerican.com</a></td>
<td>Email: <a href="mailto:Juliet.newth@angloamerican.com">Juliet.newth@angloamerican.com</a></td>
</tr>
<tr>
<td>Tel: +27 (0)11 638 3189</td>
<td>Tel: +44 (0)20 7968 8830</td>
</tr>
<tr>
<td>Sibusiso Tshabalala</td>
<td>Michelle Jarman</td>
</tr>
<tr>
<td>Email: <a href="mailto:sibusiso.tshabalala@angloamerican.com">sibusiso.tshabalala@angloamerican.com</a></td>
<td>Email: <a href="mailto:michelle.jarman@angloamerican.com">michelle.jarman@angloamerican.com</a></td>
</tr>
<tr>
<td>Tel: +27 (0)11 638 2175</td>
<td>Tel: +44 (0)20 7968 1494</td>
</tr>
</tbody>
</table>
</div>
<div class="scroll-table-container">
<table class="rad-datatable" width="100%" cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<th><strong style="font-weight: bold;">Centerview Partners UK LLP</strong></th>
<th><strong style="font-weight: bold;"></strong></th>
</tr>
<tr>
<td>(Financial Adviser to Anglo American)</td>
<td><strong style="font-weight: bold;"></strong></td>
</tr>
<tr>
<td>James Hartop</td>
<td></td>
</tr>
<tr>
<td>Edward Rowe</td>
<td>Tel: +44 (0)20 7409 9700</td>
</tr>
<tr>
<td>Fiona McHardy</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<th><strong style="font-weight: bold;">Goldman Sachs International</strong></th>
<th><strong style="font-weight: bold;"></strong></th>
</tr>
<tr>
<td>(Financial Adviser to Anglo American)</td>
<td><strong style="font-weight: bold;"></strong></td>
</tr>
<tr>
<td>Mark Sorrell</td>
<td></td>
</tr>
<tr>
<td>David Hammond</td>
<td>Tel: +44 (0)20 7774 1000</td>
</tr>
<tr>
<td>Bertie Whitehead</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
<tr>
<th><strong style="font-weight: bold;">Morgan Stanley & Co. International plc</strong></th>
<th><strong style="font-weight: bold;"></strong></th>
</tr>
<tr>
<td>(Financial Adviser to Anglo American)</td>
<td><strong style="font-weight: bold;"></strong></td>
</tr>
<tr>
<td>Simon Smith</td>
<td></td>
</tr>
<tr>
<td>Anthony Zammit</td>
<td>Tel: +44 (0)20 7425 8000</td>
</tr>
<tr>
<td>Tom Perry</td>
<td></td>
</tr>
<tr>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div>
<p>The person responsible for this announcement is Richard Price, Legal & Corporate Affairs Director (Company Secretary), Anglo American plc.</p>
<p>IMPORTANT NOTICES</p>
<p><em>Centerview Partners UK LLP (“Centerview”), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as financial adviser to Anglo American and no one else in connection
with the matters set out in this announcement and will not be responsible to anyone other than Anglo American for providing the protections afforded to its clients or for providing advice in relation to the contents of this
announcement or any other matters referred to in this announcement. Neither Centerview nor any of its affiliates, nor any of Centerview's and such affiliates' respective members, directors, officers, controlling persons or employees
owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, consequential, whether in contract, in tort, in delict, under statute or otherwise) to any person who is not a client of Centerview in
connection with this announcement, any statement contained herein or otherwise.</em></p>
<p><em>Goldman Sachs International, ("Goldman Sachs") which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting
exclusively for Anglo American and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Anglo American for providing the protections afforded to clients of
Goldman Sachs International, or for providing advice in relation to the matters referred to in this announcement.</em></p>
<p><em>Morgan Stanley & Co. International plc ("Morgan Stanley") which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK is acting
as financial adviser to Anglo American and no one else in connection with the matters set out in this announcement. In connection with such matters, Morgan Stanley, its affiliates and their respective directors, officers, employees
and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to the contents of this
announcement or any other matter referred to herein.</em></p>
<p><strong><em>Forward-looking statements and third party information</em></strong></p>
<p><em>This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American’s financial position, business,
acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American’s products, production
forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking
statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to
be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.</em></p>
<p><em>Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that
could cause Anglo American’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand
and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and
other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural
catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in
a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology,
challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and
counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder
requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental
authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American’s assets and changes in taxation or safety, health, environmental or other types of regulation in
the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s most recent Annual Report. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any
obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of
the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to
any forward-looking statement contained herein to reflect any change in Anglo American’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.</em></p>
<p><em>No statement in this announcement constitutes, or should be construed, as a profit forecast for the purposes of Rule 28 of the City Code on Takeovers and Mergers (the “City Code”) for any period, and nothing in this document
should be interpreted, or construed, to mean that future earnings for Anglo American or future earnings per share of Anglo American, as appropriate, for the current or future financial years will necessarily match or exceed its
historical published earnings for Anglo American or per Anglo American share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally
conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly
disclaims any responsibility for, or liability in respect of, such information.</em></p>
<p><strong><em>General information</em></strong></p>
<p><em>In accordance with Rule 26.1 of the Code, a copy of this announcement will be available subject to certain restrictions relating to persons resident in restricted jurisdictions on Anglo American’s website at
<a href="/">www.angloamerican.com</a> by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does
not form part of this announcement.</em></p>
<p><em>The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law or regulation and therefore persons into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws or regulations of any such jurisdictions. </em></p>
<p><em>This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American
or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.</em></p>
<p><strong><em>Quantified Financial Benefits Statement</em></strong></p>
<p><em>Except as expressly stated, nothing in this announcement constitutes a quantified financial benefits statement for the purposes of Rule 28 of the City Code. The statements which are labelled as containing a quantified financial
benefits statement relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, any targets, actions or outcomes referred to may not be achieved, may be achieved
later or sooner than estimated, or those achieved could be materially different from those estimated. Further details are set out in the Appendix to this announcement.</em></p>
<p><strong><em>Disclosure requirements of the Code</em></strong></p>
<p><em>Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of
which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10<sup>th</sup> business day following the
commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10<sup>th</sup> business day following the announcement in which any securities exchange offeror is first identified. Relevant
persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.</em></p>
<p><em>Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person
deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a
person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.</em></p>
<p><em>If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.</em></p>
<p><em>Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).</em></p>
<p><em>Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at
www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44
(0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.</em></p>
<p><strong>Appendix</strong></p>
<p><strong>Part A</strong></p>
<p><strong>Quantified Financial Benefits Statement</strong></p>
<p>"The Anglo American Directors expect that corporate restructuring intended as part of simplifying the Anglo American portfolio and incremental opex opportunities can deliver at least $800 million of pre-tax recurring cost benefits on
an annual run-rate basis from the end of 2025.</p>
<p>The quantified cost benefits are expected to be realised primarily from:</p>
<ul>
<li><strong>Corporate and business overheads:</strong> Right-sizing support functions and delivering the target operating model for the simplified Anglo American portfolio (approximately 42%);</li>
<li><strong>Corporate projects and initiatives:</strong> Targeted savings from third party spend, investment prioritisation and reduction of change initiatives within Group and corporate functions (approximately 39%);</li>
<li><strong>Opex benefits:</strong> Incremental sustainable unit cost benefits driven by operational rightsizing and restructuring in certain existing cost savings programmes (expected to contribute approximately 19% of full run-rate
pre-tax cost benefits).</li>
</ul>
<p>The Directors estimate that the realisation of the quantified cost benefits will result in one-off costs to achieve of approximately $400 million, incurred by the end of 2025.</p>
<p>Potential areas of dis-benefit have been considered in quantifying the expected cost benefits and none have been identified or are expected to arise.</p>
<p>The identified cost benefits reflect both the beneficial elements and relevant costs.</p>
<p>In addition to the quantified benefits identified above, The Directors also believe that incremental value can be created through evolving to a more operationally and asset-focused structure.</p>
<p><strong>Bases of belief, assumptions and sources</strong></p>
<ul>
<li>The assessment and quantification of the potential cost benefits has been informed by the Anglo American Group's experience of assessing and executing past cost savings programmes and organisational restructuring activities.</li>
<li>There is no assumed change to ownership or control of the Anglo American Group.</li>
<li>Estimated opex benefits are expected to arise from the Anglo American underlying businesses (excluding portfolio rationalisation as announced in the Regulated News Service document “Anglo American accelerates delivery of strategy
to unlock significant value” published on 14 May 2024), and are incremental to previously announced savings estimates. Additionally, the baselines used for the basis of the Quantified Financial Benefits Statement have been adjusted
to reflect this.</li>
<li>The cost base used as the basis for the Quantified Financial Benefits Statement are Anglo American audited financial results for the year ending 31 December 2023 (with adjustments made to reflect expected future changes in certain
costs) and headcount information as at 31 March 2024.</li>
<li>The expected benefits have been assessed and are stated on a pre-recharge and allocation basis.</li>
<li>Ongoing costs and dis-benefits of delivery have been considered.</li>
<li>Stretch case of benefits has also been prepared, alongside several potential unquantified upsides.</li>
<li>The Anglo American Directors have assumed that the cost benefits are substantively within their control, albeit that certain elements are dependent in part on negotiations with third parties.</li>
<li>The Anglo American Directors have, in addition, made the following assumptions, each of which is outside the influence of the Anglo American Board:</li>
<ul>
<li>there will be no material change to macroeconomic, political, inflationary, regulatory or legal conditions in the markets or regions in which the Anglo American Group operates that will materially impact the implementation of
the benefits plans or costs to achieve the proposed cost savings;</li>
<li>there will be no material change in current foreign exchange rates or interest rates;</li>
<li>there will be no material change in accounting standards; and</li>
<li>there will be no change in tax legislation or tax rates or other legislation or regulation in the countries in which the Anglo American Group operate that could materially impact the ability to achieve any benefits."</li>
</ul>
</ul>
<p><strong>Reporting</strong></p>
<p>As required by Rule 28.1(a) of the Code, KPMG, as reporting accountants to Anglo American, have provided a report (set out in Part B of the Appendix) stating that, in their opinion, the Quantified Financial Benefits Statement has
been properly compiled on the basis stated. In addition, Centerview Partners UK LLP (“<strong>Centerview</strong>”), Goldman Sachs International (“<strong>Goldman Sachs</strong>”) and Morgan Stanley & Co. International plc
(“<strong>Morgan Stanley</strong>”), as financial advisers to Anglo American have provided a report (set out in Part C of the Appendix) stating that, in their opinion, and subject to the terms of the report, the Quantified Financial
Benefits Statement, for which the Directors of Anglo American are responsible, has been prepared with due care and consideration. Copies of these reports are included in the next parts of this Appendix below. Each of KPMG,
Centerview, Goldman Sachs and Morgan Stanley have given and not withdrawn their consent to the publication of their reports in the form and context in which they are included.</p>
<p><strong>Notes</strong></p>
<p>The assessment and quantification of the potential cost savings relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, the potential cost savings may not be
achieved, or may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. As a result, and given the fact that the changes relate to the future, the resulting cost savings may
be materially greater or less than those estimated. No statement in the Quantified Financial Benefits Statement or in this announcement generally should be construed as a profit forecast or interpreted to mean that Anglo American’s
earnings in the year to 31 December 2024, or any subsequent period, would necessarily match or be greater than or be less than those of Anglo American for the relevant preceding financial period or any other period.</p>
<p><strong>Part B</strong></p>
<p><strong>Accountant’s Report on Quantified Financial Benefits Statement</strong></p>
<p>The Directors<br> Anglo American plc<br> 17 Charterhouse Street<br> London<br> EC1N 6RA</p>
<p>Centerview Partners UK LLP<br> 1 Sherwood Street<br> London<br> W1F 7BL</p>
<p>Goldman Sachs International<br> 25 Shoe Lane <br> London<br> EC4A 4AU</p>
<p>Morgan Stanley & Co. International plc <br> 25 Cabot Square<br> Canary Wharf <br> London<br> E14 4QA</p>
<p>14 May 2024</p>
<p>Ladies and Gentlemen</p>
<p><strong>Anglo American plc</strong></p>
<p>We report on the statement (‘the Statement’) made by the directors of Anglo American plc (‘the Directors’) in Appendix Part A of the Regulated News Service document “Anglo American accelerates delivery of strategy to unlock
significant value” published on 14 May 2024 (‘the Announcement’) to the effect that:</p>
<p>"The Anglo American Directors expect that corporate restructuring intended as part of simplifying the Anglo American portfolio and incremental opex opportunities can deliver at least $800 million of pre-tax recurring cost benefits on
an annual run-rate basis from the end of 2025.</p>
<p>The quantified cost benefits are expected to be realised primarily from:</p>
<ul>
<li><strong>Corporate and business overheads:</strong> Right-sizing support functions and delivering the target operating model for the simplified Anglo American portfolio (approximately 42%);</li>
<li><strong>Corporate projects and initiatives:</strong> Targeted savings from third party spend, investment prioritisation and reduction of change initiatives within Group and corporate functions (approximately 39%);</li>
<li><strong>Opex benefits:</strong> Incremental sustainable unit cost benefits driven by operational rightsizing and restructuring in certain existing cost savings programmes (expected to contribute approximately 19% of full run-rate
pre-tax cost benefits).</li>
</ul>
<p>The Directors estimate that the realisation of the quantified cost benefits will result in one-off costs to achieve of approximately $400 million, incurred by the end of 2025.</p>
<p>Potential areas of dis-benefit have been considered in quantifying the expected cost benefits and none have been identified or are expected to arise.</p>
<p>The identified cost benefits reflect both the beneficial elements and relevant costs.</p>
<p>In addition to the quantified benefits identified above, The Directors also believe that incremental value can be created through evolving to a more operationally and asset-focused structure.”</p>
<p>This report is required by Rule 28.1(a) of the City Code on Takeovers and Mergers (‘the City Code’) and is given for the purpose of complying with that requirement and for no other purpose. </p>
<p><strong>Opinion</strong></p>
<p>In our opinion, the Statement has been properly compiled on the basis stated.</p>
<p>The Statement has been made in the context of the disclosures in Appendix Part A of the Announcement setting out, inter alia, the basis of the Directors’ belief (including the principal assumptions and sources of information)
supporting the Statement and their analysis and explanation of the underlying constituent elements.</p>
<p><strong>Responsibilities</strong></p>
<p>It is the responsibility of the Directors to prepare the Statement in accordance with the requirements of Rule 28 of the City Code. </p>
<p>It is our responsibility to form an opinion, as required by Rule 28.1(a) of the City Code as to whether the Statement has been properly compiled on the basis stated and to report that opinion to you.</p>
<p>Save for any responsibility which we may have to those persons to whom this report is expressly addressed, to the fullest extent permitted by law we do not assume any responsibility and will not accept any liability to any other
person for any loss suffered by any such other person as a result of, arising out of, or in connection with this report or our statement, required by and given solely for the purposes of complying with Rule 23.2 of the City Code,
consenting to its inclusion in the Announcement.</p>
<p><strong>Basis of preparation of the Statement</strong></p>
<p>The Statement has been prepared on the basis stated in Appendix Part A of the Announcement.</p>
<p><strong><em>Basis of opinion</em></strong></p>
<p>We conducted our work in accordance with Standards for Investment Reporting issued by the Financial Reporting Council in the United Kingdom (the ‘FRC’). </p>
<p>We are independent, and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements of the FRC’s Ethical Standard as applied to Investment Circular Reporting Engagements. </p>
<p>We have discussed the Statement, together with the underlying plans, with the Directors and Centerview Partners UK LLP, Goldman Sachs International and Morgan Stanley & Co. International plc. Our work did not involve any
independent examination of any of the financial or other information underlying the Statement. </p>
<p>We planned and performed our work so as to obtain the information and explanations we considered necessary in order to provide us with reasonable assurance that the Statement has been properly compiled on the basis stated. </p>
<p>Our work has not been carried out in accordance with auditing or other standards and practices generally accepted in other jurisdiction(s) and accordingly should not be relied upon as if it had been carried out in accordance with
those standards and practices.</p>
<p>We do not express any opinion as to the achievability of the benefits identified by the Directors in the Statement. The Statement is subject to uncertainty as described in the Appendix to the Announcement. Since the Statement
relates to the future and may therefore be affected by unforeseen events, we express no opinion as to whether the actual benefits achieved will correspond to those anticipated in the Statement and the differences may be material.</p>
<p>Yours faithfully</p>
<p>KPMG LLP</p>
<p>KPMG LLP<br> 15 Canada Square, Canary Wharf<br> London<br> E14 5GL<br> United Kingdom</p>
<p><strong>Part C</strong></p>
<p><strong>Report from Centerview Partners UK LLP, Goldman Sachs International and Morgan Stanley & Co. International plc</strong></p>
<p>The Board of Directors<br> Anglo American plc (the “Company”)<br> 17 Charterhouse Street <br> London<br> EC1N 6RA </p>
<p>14 May 2024</p>
<p>Dear Sirs/Madams,</p>
<p>We refer to the quantified financial benefits statement, the bases of belief thereof and the notes thereto (the “<strong>Statement</strong>”) set out in Part A of the Appendix of the announcement issued by the Company (the
“<strong>Announcement</strong>”), for which the board of directors of the Company (the “<strong>Directors</strong>”) are solely responsible under Rule 28.3 of the City Code on Takeovers and Mergers (the “<strong>Code</strong>”).</p>
<p>We have discussed the Statement (including the assumptions, bases of calculation and sources of information referred to therein), with the Directors and those officers and employees of the Company who have developed the financial
forecasts underlying the estimated cost savings. The Statement is subject to uncertainty as described in the Announcement and our work did not involve an independent examination, or verification, of any of the financial or other
information underlying the Statement.</p>
<p>We have relied upon the accuracy and completeness of all the financial and other information provided to us by or on behalf of the Company, or otherwise discussed with or reviewed by us, in connection with the Statement, and we have
assumed such accuracy and completeness for the purposes of providing this letter.</p>
<p>We do not express any view as to the achievability of the quantified financial benefits, whether on the basis identified by the Directors in the Statement, or otherwise.</p>
<p>We have also reviewed the work carried out by KPMG LLP (“<strong>KPMG</strong>”) and have discussed with KPMG its opinion addressed to you and us on this matter and which is set out in Part B of the Appendix to the Announcement.</p>
<p>On the basis of the foregoing, we consider that the Statement, for which the Directors are solely responsible, has been prepared with due care and consideration.</p>
<p>This letter is provided to you solely having regard to the requirements of, and in connection with, Rule 28.1(a)(ii) of the Code and for no other purpose. We accept no responsibility to the Company, its shareholders or to any person
other than the Directors in respect of the contents of this letter. We are acting exclusively as financial advisers to the Company and no one else and it was for the purpose of complying with Rule 28.1(a)(ii) of the Code that the
Company requested us to prepare this letter relating to the Statement. No person other than the Directors can rely on the contents of, or the work undertaken in connection with, this letter, and to the fullest extent permitted by law,
we expressly exclude and disclaim all liability (whether in contract, tort or otherwise) to any other person, in respect of this letter, its contents or the work undertaken in connection with this letter or any of the results or
conclusions that may be derived from this letter or any written or oral information provided in connection with this letter, and any such liability is expressly disclaimed except to the extent that such liability cannot be excluded by
law.</p>
<p>Yours faithfully,</p>
<p>For and on behalf of <br>
<strong>Centerview Partners UK LLP</strong>
</p>
<p>For and on behalf of<br>
<strong>Goldman Sachs International</strong>
</p>
<p>For and on behalf of <br>
<strong>Morgan Stanley & Co. International plc</strong>
</p>
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Anglo American accelerates delivery of strategy to unlock significant value
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Back to 2024
ANGLO AMERICAN ACCELERATES DELIVERY OF STRATEGY TO UNLOCK SIGNIFICANT VALUE
14 May, 2024
Radically simplified portfolio of world-class assets in copper, premium iron ore
and crop nutrients
Anglo American plc (“Anglo American”) is today setting out a clear, compelling
and decisive plan to unlock significant value from its portfolio and accelerate
the delivery of consistently stronger shareholder returns.
Following completion of the asset review initiated during 2023, Anglo American
plans to implement a number of major structural changes to accelerate delivery
against its strategic priorities of operational excellence, portfolio
simplification, and growth:
Undiluted Anglo American shareholder participation in a simpler portfolio of
world-class assets with full value transparency
* Copper
* 3 of the top 10 producing copper mines in South America, with outstanding
resource endowments
* Set for multiple decades of competitive production and growth, with a
defined pathway to >1mtpa of copper production
* Premium iron ore
* Focused producer of 100% premium product, ideally suited to support steel
decarbonisation
* Attractive resource endowments in Brazil and South Africa
* Crop nutrients
* Slow down development to support balance sheet deleveraging, while critical
technical studies are completed in 2025, to then support syndication. Capex
reduced to $200 million in 2025 and no capex in 2026
* Preserving long term value from high quality asset with multi-generational
resource scale
Compelling value proposition exclusively for Anglo American’s shareholders
* Portfolio and structure transformation – 100% future-enabling portfolio,
including 54% copper production, in products that support the energy
transition, improving global living standards and food security
* Outstanding organic growth – Proven project delivery and sustainability
leadership
* High quality financial profile – EBITDA margin increases to 46% from 31% on a
2023 pro forma basis1
* Efficiency and accountability – $1.7 billion lower cost of new portfolio
configuration. This includes $0.8 billion of additional pre-tax recurring
annual run rate cost benefits from the end of 20252
* Disciplined capital allocation – less than 1.5x net debt:EBITDA leverage at
bottom of the cycle, with 40% dividend payout maintained
Clear pathway for portfolio value delivery – in the right way and for value
* Steelmaking Coal – To be divested and currently responding to strong buyer
interest
* Nickel – Exploring options for care and maintenance and divestment
* Anglo American Platinum – To be demerged in a responsible and orderly way to
optimise value for both Anglo American’s and Anglo American Platinum’s
shareholders
* De Beers – To be divested or demerged, to improve strategic flexibility for
both De Beers and Anglo American
Duncan Wanblad, Chief Executive of Anglo American, said:
“We set out our clear strategic priorities earlier this year – operational
excellence, portfolio simplification, and growth. Our decision to focus Anglo
American’s portfolio in our world-class resource asset base in copper and
premium iron ore – while retaining our crop nutrients optionality at Woodsmith –
marks a major new phase in executing our strategy.
“We expect that a radically simpler business will deliver sustainable
incremental value creation through a step change in operational performance and
cost reduction.
“Anglo American’s shareholders will see the full undiluted upside from these
extensive changes, with the value of our copper and iron ore assets brought to
the fore. This next step in the transformation of Anglo American’s portfolio is
set to accelerate the recognition of value that has been inherent in our
business for many years and provide Anglo American’s shareholders with undiluted
and differentiated participation in the major structural demand trends, while
minimising any frictional costs associated with this major portfolio
transformation.
“These actions represent the most radical changes to Anglo American in decades.
I believe these are the right decisions to position Anglo American to capitalise
on the outstanding resource endowment opportunities within our portfolio today.
Our proven and differentiated capabilities within Anglo American, our global
relationship networks and our longstanding reputation as a responsible mining
company will help us unlock numerous of these and other opportunities in the
jurisdictions where our experience and track record are most valuable and most
valued, namely in South America and Southern Africa.
“Of course, we are conscious of the impacts of making such far-reaching changes,
particularly on our employees. We see considerable opportunities for our
employees, both in delivering the full potential of Anglo American and in the
businesses that we will be divesting or demerging, all of which are high quality
businesses in their own right. By implementing these portfolio changes
ourselves, we will be able to do so in a manner that is respectful of our
employees, host communities and countries, including ensuring that in South
Africa in particular Anglo American continues to play its role as a responsible
business leader to support the country’s national priorities.
“We are taking clear and decisive action to deliver value – safely, responsibly
and reliably – in the long term interests of our shareholders and other
stakeholders, and to deliver the products that are so critical to enabling the
energy transition and supporting improved global living standards and food
security.”
View full PDF of this press release (256 KB, opens in a new window)
Footnotes:
1 2023 Pro-forma financials represent 2023 reported performance of the retained
business adjusted for the incremental $0.6bn of Corporate cost savings (relating
to Corporate and business overheads and Corporate projects and initiatives)
included in the QFBS and $0.2bn of previously announced Corporate cost savings
not already recognised in 2023, reflecting the cost of the ongoing Corporate
business supporting the retained businesses.
2 The statements above labelled by way of footnote 2 include a quantified
financial benefits statement (the “QFBS Footnoted Statements”) for the purposes
of Rule 28 of the City Code on Takeovers and Mergers (the “Takeover Code”),
which have been reported on in accordance with the requirements of the Takeover
Code in the form set out in Part A to the Appendix (the “Quantified Financial
Benefits Statement”). Further information on the Quantified Financial Benefits
Statement, including the basis of preparation and principal assumptions, are set
out in the Appendix to this announcement. As required by Rule 28.1(a) of the
Takeover Code, the Quantified Financial Benefits Statement has been reported on
by KPMG LLP (“KPMG”), as reporting accountant to Anglo American, and Centerview
Partners UK LLP (“Centerview”), Goldman Sachs International (“Goldman Sachs”)
and Morgan Stanley & Co. International plc (“Morgan Stanley”), as financial
advisers to Anglo American, have provided the relevant reports required under
that Rule. Copies of these reports are included in Parts B and C of the Appendix
to this announcement and references in this announcement to the QFBS Footnoted
Statements should be read in conjunction with those parts of the Appendix. As
required by Rule 28.1(a) of the Takeover Code, KPMG, as reporting accountant to
Anglo American, has provided a report (set out in Part B of the Appendix)
stating that, in its opinion, the Quantified Financial Benefits Statement has
been properly compiled on the basis stated. In addition, Centerview, Goldman
Sachs and Morgan Stanley, as financial advisers to Anglo American, have provided
a report (set out in Part C of the Appendix) for the purposes of the Takeover
Code stating that, in their opinion and subject to the terms of the report, the
Quantified Financial Benefits Statement, for which the Anglo American directors
are responsible, has been prepared with due care and consideration. Each of
KPMG, Centerview Partners, Goldman Sachs and Morgan Stanley has given and has
not withdrawn its consent to the publication of its report in the form and
context in which it is included.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Media Investors UK UK James Wyatt-Tilby Tyler Broda Email:
james.wyatt-tilby@angloamerican.com Email: tyler.broda@angloamerican.com Tel:
+44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470 Marcelo Esquivel Emma Waterworth
Email: marcelo.esquivel@angloamerican.com
Email: emma.waterworth@angloamerican.com Tel: +44 (0)20 7968 8891 Tel: +44 (0)20
7968 8574 Rebecca Meeson-Frizelle
Email: rebecca.meeson-frizelle@angloamerican.com
Tel: +44 (0)20 7968 1374
South Africa Nevashnee Naicker Juliet Newth Email:
nevashnee.naicker@angloamerican.com Email: Juliet.newth@angloamerican.com Tel:
+27 (0)11 638 3189 Tel: +44 (0)20 7968 8830 Sibusiso Tshabalala Michelle Jarman
Email: sibusiso.tshabalala@angloamerican.com Email:
michelle.jarman@angloamerican.com Tel: +27 (0)11 638 2175 Tel: +44 (0)20 7968
1494
Centerview Partners UK LLP (Financial Adviser to Anglo American) James Hartop
Edward Rowe Tel: +44 (0)20 7409 9700 Fiona McHardy Goldman Sachs International
(Financial Adviser to Anglo American) Mark Sorrell David Hammond Tel: +44 (0)20
7774 1000 Bertie Whitehead Morgan Stanley & Co. International plc (Financial
Adviser to Anglo American) Simon Smith Anthony Zammit Tel: +44 (0)20 7425 8000
Tom Perry
The person responsible for this announcement is Richard Price, Legal & Corporate
Affairs Director (Company Secretary), Anglo American plc.
IMPORTANT NOTICES
Centerview Partners UK LLP (“Centerview”), which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting exclusively as
financial adviser to Anglo American and no one else in connection with the
matters set out in this announcement and will not be responsible to anyone other
than Anglo American for providing the protections afforded to its clients or for
providing advice in relation to the contents of this announcement or any other
matters referred to in this announcement. Neither Centerview nor any of its
affiliates, nor any of Centerview's and such affiliates' respective members,
directors, officers, controlling persons or employees owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
consequential, whether in contract, in tort, in delict, under statute or
otherwise) to any person who is not a client of Centerview in connection with
this announcement, any statement contained herein or otherwise.
Goldman Sachs International, ("Goldman Sachs") which is authorised by the
Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority in the United Kingdom, is acting
exclusively for Anglo American and no one else in connection with the matters
referred to in this announcement and will not be responsible to anyone other
than Anglo American for providing the protections afforded to clients of Goldman
Sachs International, or for providing advice in relation to the matters referred
to in this announcement.
Morgan Stanley & Co. International plc ("Morgan Stanley") which is authorised by
the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority in the UK is acting as
financial adviser to Anglo American and no one else in connection with the
matters set out in this announcement. In connection with such matters, Morgan
Stanley, its affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will they be
responsible to any other person for providing the protections afforded to their
clients or for providing advice in relation to the contents of this announcement
or any other matter referred to herein.
Forward-looking statements and third party information
This document includes forward-looking statements. All statements other than
statements of historical facts included in this document, including, without
limitation, those regarding Anglo American’s financial position, business,
acquisition and divestment strategy, dividend policy, plans and objectives of
management for future operations, prospects and projects (including development
plans and objectives relating to Anglo American’s products, production forecasts
and Ore Reserve and Mineral Resource positions) and sustainability performance
related (including environmental, social and governance) goals, ambitions,
targets, visions, milestones and aspirations, are forward-looking statements. By
their nature, such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of Anglo American or industry results to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding
Anglo American’s present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American’s actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
commodity market prices, unanticipated downturns in business relationships with
customers or their purchases from Anglo American, mineral resource exploration
and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the effects
of global pandemics and outbreaks of infectious diseases, the impact of attacks
from third parties on our information systems, natural catastrophes or adverse
geological conditions, climate change and extreme weather events, the outcome of
litigation or regulatory proceedings, the availability of mining and processing
equipment, the ability to obtain key inputs in a timely manner, the ability to
produce and transport products profitably, the availability of necessary
infrastructure (including transportation) services, the development, efficacy
and adoption of new or competing technology, challenges in realising resource
estimates or discovering new economic mineralisation, the impact of foreign
currency exchange rates on market prices and operating costs, the availability
of sufficient credit, liquidity and counterparty risks, the effects of
inflation, terrorism, war, conflict, political or civil unrest, uncertainty,
tensions and disputes and economic and financial conditions around the world,
evolving societal and stakeholder requirements and expectations, shortages of
skilled employees, unexpected difficulties relating to acquisitions or
divestitures, competitive pressures and the actions of competitors, activities
by courts, regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or maintenance
of Anglo American’s assets and changes in taxation or safety, health,
environmental or other types of regulation in the countries where Anglo American
operates, conflicts over land and resource ownership rights and such other risk
factors identified in Anglo American’s most recent Annual Report.
Forward-looking statements should, therefore, be construed in light of such risk
factors and undue reliance should not be placed on forward-looking statements.
These forward-looking statements speak only as of the date of this document.
Anglo American expressly disclaims any obligation or undertaking (except as
required by applicable law, the City Code on Takeovers and Mergers, the UK
Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct
Authority, the Listings Requirements of the securities exchange of the JSE
Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and
the Namibian Stock Exchange and any other applicable regulations) to release
publicly any updates or revisions to any forward-looking statement contained
herein to reflect any change in Anglo American’s expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based.
No statement in this announcement constitutes, or should be construed, as a
profit forecast for the purposes of Rule 28 of the City Code on Takeovers and
Mergers (the “City Code”) for any period, and nothing in this document should be
interpreted, or construed, to mean that future earnings for Anglo American or
future earnings per share of Anglo American, as appropriate, for the current or
future financial years will necessarily match or exceed its historical published
earnings for Anglo American or per Anglo American share. Certain statistical and
other information included in this document is sourced from third party sources
(including, but not limited to, externally conducted studies and trials). As
such it has not been independently verified and presents the views of those
third parties, but may not necessarily correspond to the views held by Anglo
American and Anglo American expressly disclaims any responsibility for, or
liability in respect of, such information.
General information
In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available subject to certain restrictions relating to persons resident in
restricted jurisdictions on Anglo American’s website at www.angloamerican.com by
no later than 12 noon (London time) on the business day following the date of
this announcement. The content of the website referred to in this announcement
is not incorporated into and does not form part of this announcement.
The release, publication or distribution of this announcement in jurisdictions
outside the United Kingdom may be restricted by law or regulation and therefore
persons into whose possession this announcement comes should inform themselves
about, and observe, such restrictions. Any failure to comply with the
restrictions may constitute a violation of the securities laws or regulations of
any such jurisdictions.
This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American or
any other securities by Anglo American or any other party. Further, it should
not be treated as giving investment, legal, accounting, regulatory, taxation or
other advice and has no regard to the specific investment or other objectives,
financial situation or particular needs of any recipient.
Quantified Financial Benefits Statement
Except as expressly stated, nothing in this announcement constitutes a
quantified financial benefits statement for the purposes of Rule 28 of the City
Code. The statements which are labelled as containing a quantified financial
benefits statement relate to future actions and circumstances which, by their
nature, involve risks, uncertainties and contingencies. As a result, any
targets, actions or outcomes referred to may not be achieved, may be achieved
later or sooner than estimated, or those achieved could be materially different
from those estimated. Further details are set out in the Appendix to this
announcement.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any
class of relevant securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer period and,
if later, following the announcement in which any securities exchange offeror is
first identified. An Opening Position Disclosure must contain details of the
person’s interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any securities
exchange offeror(s). An Opening Position Disclosure by a person to whom Rule
8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th
business day following the commencement of the offer period and, if appropriate,
by no later than 3.30 pm (London time) on the 10th business day following the
announcement in which any securities exchange offeror is first identified.
Relevant persons who deal in the relevant securities of the offeree company or
of a securities exchange offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities exchange
offeror. A Dealing Disclosure must contain details of the dealing concerned and
of the person’s interests and short positions in, and rights to subscribe for,
any relevant securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s), save to the extent that these details have
previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom
Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the
business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will be
deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any
offeror and Dealing Disclosures must also be made by the offeree company, by any
offeror and by any persons acting in concert with any of them (see Rules 8.1,
8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made can
be found in the Disclosure Table on the Takeover Panel’s website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel’s Market Surveillance Unit on +44
(0) 20 7638 0129 if you are in any doubt as to whether you are required to make
an Opening Position Disclosure or a Dealing Disclosure.
Appendix
Part A
Quantified Financial Benefits Statement
"The Anglo American Directors expect that corporate restructuring intended as
part of simplifying the Anglo American portfolio and incremental opex
opportunities can deliver at least $800 million of pre-tax recurring cost
benefits on an annual run-rate basis from the end of 2025.
The quantified cost benefits are expected to be realised primarily from:
* Corporate and business overheads: Right-sizing support functions and
delivering the target operating model for the simplified Anglo American
portfolio (approximately 42%);
* Corporate projects and initiatives: Targeted savings from third party spend,
investment prioritisation and reduction of change initiatives within Group
and corporate functions (approximately 39%);
* Opex benefits: Incremental sustainable unit cost benefits driven by
operational rightsizing and restructuring in certain existing cost savings
programmes (expected to contribute approximately 19% of full run-rate pre-tax
cost benefits).
The Directors estimate that the realisation of the quantified cost benefits will
result in one-off costs to achieve of approximately $400 million, incurred by
the end of 2025.
Potential areas of dis-benefit have been considered in quantifying the expected
cost benefits and none have been identified or are expected to arise.
The identified cost benefits reflect both the beneficial elements and relevant
costs.
In addition to the quantified benefits identified above, The Directors also
believe that incremental value can be created through evolving to a more
operationally and asset-focused structure.
Bases of belief, assumptions and sources
* The assessment and quantification of the potential cost benefits has been
informed by the Anglo American Group's experience of assessing and executing
past cost savings programmes and organisational restructuring activities.
* There is no assumed change to ownership or control of the Anglo American
Group.
* Estimated opex benefits are expected to arise from the Anglo American
underlying businesses (excluding portfolio rationalisation as announced in
the Regulated News Service document “Anglo American accelerates delivery of
strategy to unlock significant value” published on 14 May 2024), and are
incremental to previously announced savings estimates. Additionally, the
baselines used for the basis of the Quantified Financial Benefits Statement
have been adjusted to reflect this.
* The cost base used as the basis for the Quantified Financial Benefits
Statement are Anglo American audited financial results for the year ending 31
December 2023 (with adjustments made to reflect expected future changes in
certain costs) and headcount information as at 31 March 2024.
* The expected benefits have been assessed and are stated on a pre-recharge and
allocation basis.
* Ongoing costs and dis-benefits of delivery have been considered.
* Stretch case of benefits has also been prepared, alongside several potential
unquantified upsides.
* The Anglo American Directors have assumed that the cost benefits are
substantively within their control, albeit that certain elements are
dependent in part on negotiations with third parties.
* The Anglo American Directors have, in addition, made the following
assumptions, each of which is outside the influence of the Anglo American
Board:
* there will be no material change to macroeconomic, political,
inflationary, regulatory or legal conditions in the markets or regions in
which the Anglo American Group operates that will materially impact the
implementation of the benefits plans or costs to achieve the proposed cost
savings;
* there will be no material change in current foreign exchange rates or
interest rates;
* there will be no material change in accounting standards; and
* there will be no change in tax legislation or tax rates or other
legislation or regulation in the countries in which the Anglo American
Group operate that could materially impact the ability to achieve any
benefits."
Reporting
As required by Rule 28.1(a) of the Code, KPMG, as reporting accountants to Anglo
American, have provided a report (set out in Part B of the Appendix) stating
that, in their opinion, the Quantified Financial Benefits Statement has been
properly compiled on the basis stated. In addition, Centerview Partners UK LLP
(“Centerview”), Goldman Sachs International (“Goldman Sachs”) and Morgan Stanley
& Co. International plc (“Morgan Stanley”), as financial advisers to Anglo
American have provided a report (set out in Part C of the Appendix) stating
that, in their opinion, and subject to the terms of the report, the Quantified
Financial Benefits Statement, for which the Directors of Anglo American are
responsible, has been prepared with due care and consideration. Copies of these
reports are included in the next parts of this Appendix below. Each of KPMG,
Centerview, Goldman Sachs and Morgan Stanley have given and not withdrawn their
consent to the publication of their reports in the form and context in which
they are included.
Notes
The assessment and quantification of the potential cost savings relate to future
actions and circumstances which, by their nature, involve risks, uncertainties
and contingencies. As a result, the potential cost savings may not be achieved,
or may be achieved later or sooner than estimated, or those achieved could be
materially different from those estimated. As a result, and given the fact that
the changes relate to the future, the resulting cost savings may be materially
greater or less than those estimated. No statement in the Quantified Financial
Benefits Statement or in this announcement generally should be construed as a
profit forecast or interpreted to mean that Anglo American’s earnings in the
year to 31 December 2024, or any subsequent period, would necessarily match or
be greater than or be less than those of Anglo American for the relevant
preceding financial period or any other period.
Part B
Accountant’s Report on Quantified Financial Benefits Statement
The Directors
Anglo American plc
17 Charterhouse Street
London
EC1N 6RA
Centerview Partners UK LLP
1 Sherwood Street
London
W1F 7BL
Goldman Sachs International
25 Shoe Lane
London
EC4A 4AU
Morgan Stanley & Co. International plc
25 Cabot Square
Canary Wharf
London
E14 4QA
14 May 2024
Ladies and Gentlemen
Anglo American plc
We report on the statement (‘the Statement’) made by the directors of Anglo
American plc (‘the Directors’) in Appendix Part A of the Regulated News Service
document “Anglo American accelerates delivery of strategy to unlock significant
value” published on 14 May 2024 (‘the Announcement’) to the effect that:
"The Anglo American Directors expect that corporate restructuring intended as
part of simplifying the Anglo American portfolio and incremental opex
opportunities can deliver at least $800 million of pre-tax recurring cost
benefits on an annual run-rate basis from the end of 2025.
The quantified cost benefits are expected to be realised primarily from:
* Corporate and business overheads: Right-sizing support functions and
delivering the target operating model for the simplified Anglo American
portfolio (approximately 42%);
* Corporate projects and initiatives: Targeted savings from third party spend,
investment prioritisation and reduction of change initiatives within Group
and corporate functions (approximately 39%);
* Opex benefits: Incremental sustainable unit cost benefits driven by
operational rightsizing and restructuring in certain existing cost savings
programmes (expected to contribute approximately 19% of full run-rate pre-tax
cost benefits).
The Directors estimate that the realisation of the quantified cost benefits will
result in one-off costs to achieve of approximately $400 million, incurred by
the end of 2025.
Potential areas of dis-benefit have been considered in quantifying the expected
cost benefits and none have been identified or are expected to arise.
The identified cost benefits reflect both the beneficial elements and relevant
costs.
In addition to the quantified benefits identified above, The Directors also
believe that incremental value can be created through evolving to a more
operationally and asset-focused structure.”
This report is required by Rule 28.1(a) of the City Code on Takeovers and
Mergers (‘the City Code’) and is given for the purpose of complying with that
requirement and for no other purpose.
Opinion
In our opinion, the Statement has been properly compiled on the basis stated.
The Statement has been made in the context of the disclosures in Appendix Part A
of the Announcement setting out, inter alia, the basis of the Directors’ belief
(including the principal assumptions and sources of information) supporting the
Statement and their analysis and explanation of the underlying constituent
elements.
Responsibilities
It is the responsibility of the Directors to prepare the Statement in accordance
with the requirements of Rule 28 of the City Code.
It is our responsibility to form an opinion, as required by Rule 28.1(a) of the
City Code as to whether the Statement has been properly compiled on the basis
stated and to report that opinion to you.
Save for any responsibility which we may have to those persons to whom this
report is expressly addressed, to the fullest extent permitted by law we do not
assume any responsibility and will not accept any liability to any other person
for any loss suffered by any such other person as a result of, arising out of,
or in connection with this report or our statement, required by and given solely
for the purposes of complying with Rule 23.2 of the City Code, consenting to its
inclusion in the Announcement.
Basis of preparation of the Statement
The Statement has been prepared on the basis stated in Appendix Part A of the
Announcement.
Basis of opinion
We conducted our work in accordance with Standards for Investment Reporting
issued by the Financial Reporting Council in the United Kingdom (the ‘FRC’).
We are independent, and have fulfilled our other ethical responsibilities, in
accordance with the relevant ethical requirements of the FRC’s Ethical Standard
as applied to Investment Circular Reporting Engagements.
We have discussed the Statement, together with the underlying plans, with the
Directors and Centerview Partners UK LLP, Goldman Sachs International and Morgan
Stanley & Co. International plc. Our work did not involve any independent
examination of any of the financial or other information underlying the
Statement.
We planned and performed our work so as to obtain the information and
explanations we considered necessary in order to provide us with reasonable
assurance that the Statement has been properly compiled on the basis stated.
Our work has not been carried out in accordance with auditing or other standards
and practices generally accepted in other jurisdiction(s) and accordingly should
not be relied upon as if it had been carried out in accordance with those
standards and practices.
We do not express any opinion as to the achievability of the benefits identified
by the Directors in the Statement. The Statement is subject to uncertainty as
described in the Appendix to the Announcement. Since the Statement relates to
the future and may therefore be affected by unforeseen events, we express no
opinion as to whether the actual benefits achieved will correspond to those
anticipated in the Statement and the differences may be material.
Yours faithfully
KPMG LLP
KPMG LLP
15 Canada Square, Canary Wharf
London
E14 5GL
United Kingdom
Part C
Report from Centerview Partners UK LLP, Goldman Sachs International and Morgan
Stanley & Co. International plc
The Board of Directors
Anglo American plc (the “Company”)
17 Charterhouse Street
London
EC1N 6RA
14 May 2024
Dear Sirs/Madams,
We refer to the quantified financial benefits statement, the bases of belief
thereof and the notes thereto (the “Statement”) set out in Part A of the
Appendix of the announcement issued by the Company (the “Announcement”), for
which the board of directors of the Company (the “Directors”) are solely
responsible under Rule 28.3 of the City Code on Takeovers and Mergers (the
“Code”).
We have discussed the Statement (including the assumptions, bases of calculation
and sources of information referred to therein), with the Directors and those
officers and employees of the Company who have developed the financial forecasts
underlying the estimated cost savings. The Statement is subject to uncertainty
as described in the Announcement and our work did not involve an independent
examination, or verification, of any of the financial or other information
underlying the Statement.
We have relied upon the accuracy and completeness of all the financial and other
information provided to us by or on behalf of the Company, or otherwise
discussed with or reviewed by us, in connection with the Statement, and we have
assumed such accuracy and completeness for the purposes of providing this
letter.
We do not express any view as to the achievability of the quantified financial
benefits, whether on the basis identified by the Directors in the Statement, or
otherwise.
We have also reviewed the work carried out by KPMG LLP (“KPMG”) and have
discussed with KPMG its opinion addressed to you and us on this matter and which
is set out in Part B of the Appendix to the Announcement.
On the basis of the foregoing, we consider that the Statement, for which the
Directors are solely responsible, has been prepared with due care and
consideration.
This letter is provided to you solely having regard to the requirements of, and
in connection with, Rule 28.1(a)(ii) of the Code and for no other purpose. We
accept no responsibility to the Company, its shareholders or to any person other
than the Directors in respect of the contents of this letter. We are acting
exclusively as financial advisers to the Company and no one else and it was for
the purpose of complying with Rule 28.1(a)(ii) of the Code that the Company
requested us to prepare this letter relating to the Statement. No person other
than the Directors can rely on the contents of, or the work undertaken in
connection with, this letter, and to the fullest extent permitted by law, we
expressly exclude and disclaim all liability (whether in contract, tort or
otherwise) to any other person, in respect of this letter, its contents or the
work undertaken in connection with this letter or any of the results or
conclusions that may be derived from this letter or any written or oral
information provided in connection with this letter, and any such liability is
expressly disclaimed except to the extent that such liability cannot be excluded
by law.
Yours faithfully,
For and on behalf of
Centerview Partners UK LLP
For and on behalf of
Goldman Sachs International
For and on behalf of
Morgan Stanley & Co. International plc
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