MELBOURNE (dpa-AFX) - BHP Group (BHP), in an update on its offer for Anglo
American, said that it has proposed a range of socioeconomic measures intended
to address Anglo American's concerns regarding its proposed transaction
structure. BHP believes a further extension of the Deadline is required to allow
for further engagement on its proposal.

BHP is confident that the measures it has proposed to the Board of Anglo
American provide a viable pathway to resolve the matters raised by Anglo
American and would support South African regulatory approvals.

BHP believes that the proposed measures would provide greater economic benefits
to South Africa than Anglo American's Accelerating Value Delivery plan, mitigate
perceived value and completion uncertainty and ensure that any costs are not
borne disproportionately by Anglo American shareholders.

BHP has indicated that it would also be willing to discuss an appropriate
reverse break fee, payable by BHP, on failure to achieve the necessary
anti-trust and regulatory approvals, including in South Africa.

BHP said it continues to believe that there would be clear benefits to the South
African government, economy and communities from Anglo Platinum and Kumba Iron
Ore becoming major standalone entities listed on the Johannesburg Stock Exchange
or JSE with significant increased JSE index weightings. Anglo Platinum and Kumba
Iron Ore would be independently run by established South African-based
management teams.

On 22nd May 2024 Anglo American said it rejected BHP's third proposal to
takeover for 29.34 pounds per share. Under the new proposal, BHP had increased
the number of shares offering to Anglo American, but it still requires the
latter to demerge its shareholdings separately in Anglo American Platinum
Limited and Kumba Iron Ore Limited to Anglo American's shareholders.

However, Anglo American denied the proposal stating that the demerger along with
the takeover would likely take 18 months, which would badly affect the material
transaction and shareholder value.



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