Anglo leaps 16% as BHP says R743bn offer will offer 'immediate' value

Shares in De Beers and Kumba Iron Ore owner Anglo American rocketed more than 16% on Thursday, adding about R110 billion in market value, after mining giant BHP proposed a merger that will offer "immediate and substantial value."

In one of the biggest potential deals ever seen by the global mining industry, the world's largest mining group confirmed media speculation and has proposed an all-share offer that would create a low-cost mining behemoth and dominant copper producer.