-- South Africa’s biggest labor union federation urged local shareholders, including the powerful Public Investment Corp., to oppose BHP Group Ltd.’s bid to buy Anglo American Plc.The Congress of South African Trade Unions, which includes the National Union of Mineworkers among its members, said a deal wouldn’t be in the national interest. South African shareholders hold about 26% of Anglo, with the PIC owning 8.4%, according to data compiled by Bloomberg.
A BHP spokesman referred to comments it made last week, when the company said Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. would continue to be listed on the Johannesburg Stock Exchange and would continue to be run by established South African-based management teams.“South Africa will continue under BHP’s proposal to benefit from Anglo Platinum and Kumba operating as independently listed South African companies investing in local operations, communities and jobs,” BHP said last week.
Anglo’s South African operations have been hamstrung by fractious labor relations, power outages and the deterioration of the national freight rail company. Its Kumba unit has had to stockpile the steelmaking raw material because there aren’t enough trains to take it to a port.
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