Anglo Pushes Back: No Grounds for Termination
Anglo blasted Peabody’s decision as baseless. “The event does not constitute a material adverse change under the definitive agreements,” the London-based miner declared. CEO Duncan Wanblad said the company had shown “great flexibility” to salvage the deal but is now confident arbitration will yield damages for wrongful termination.
“We believe it would have been better for all parties to avoid a legal dispute,” Wanblad said. “But we are confident in our legal position and will seek appropriate compensation.”
Strategic Sales Amid Takeover Pressure
The collapsed sale is part of Anglo’s sweeping restructuring after fending off a £34 billion ($46 billion) takeover bid by BHP Group Ltd. earlier this year. The company is offloading assets to sharpen its focus on copper and iron ore, while divesting its nickel operations, platinum arm, and diamond giant De Beers.
Wanblad reassured investors that the failed deal won’t derail Anglo’s strategy: “We are confident that we will successfully conclude an alternative sales process for value in due course.”
