Anglo American Freezes Hiring Amid Restructuring
By Christian Moess Laursen
Anglo American is suspending hiring globally as it works on a group-wide restructuring announced earlier this week.
The London-based mining major said Thursday that it is putting in place a freeze on recruitment of all non-site-based permanent employees and contractors, confirming a report by Reuters.
"Having set out the results of our strategy review and the changes we will be making to our portfolio, this is an appropriate measure," a spokesperson said, adding that there will be exceptions for critical roles.
The suspension follows a revamp of its portfolio announced Tuesday, intended to boost value and fend off competitor BHP's takeover proposals.
Anglo has rejected two all-share bids from the Australian mining giant over the past month, with the latest valuing Anglo at nearly $43 billion. Given the lack of engagement from the Anglo board, BHP is likely to either walk away or go hostile. It has until May 22 to propose a formal bid under U.K. takeover rules.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
May 16, 2024 05:10 ET (09:10 GMT)
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