FT News Briefing Pandemic winners turned losers
May 10, 2024
Anglo American’s shareholders show interest in a takeover from BHP as market dynamics shift. Nippon Steel presses on with its $14.9 billion acquisition of U.S. Steel amidst political hurdles. Meanwhile, the era of pandemic corporate success is fading, with many big names like Peloton and Zoom seeing drops in value. However, some companies, like BYD and T-Mobile, continue to thrive by adapting to changing consumer behaviors. The discussions highlight the complexities of corporate strategy in a post-pandemic world.
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Mining Takeover
- BHP proposed a £31 billion takeover of Anglo American, but Anglo rejected it, saying it undervalues the company.
- Anglo American’s South African shareholders would consider the deal if BHP offered more money.
Steel Deal Politics
- Nippon Steel's acquisition of U.S. Steel has been delayed due to political opposition, particularly from President Biden.
- Nippon Steel remains confident the deal will go through after the U.S. presidential election.
Pandemic Winners Turn Losers
- Many pandemic-era corporate winners, like Peloton and Zoom, have seen significant market value decline since 2020.
- This reversal is because their success was tied to specific pandemic conditions, like lockdowns and remote work, which have since changed.