JOHANNESBURG, May 22 (Reuters) - South African state-owned asset manager the Public Investment Corporation (PIC) said on Wednesday that its preference was for a "meaningful revision" of BHP Group's bid for rival miner Anglo American.
The PIC, a shareholder in Anglo, said in a statement: "The PIC believes offers from BHP should reflect both the embedded value of existing Anglo assets and the future optionality and benefits that BHP can derive, specifically from Anglo's unlisted assets."
"This would require a meaningful revision of the current BHP proposal that should take into consideration the material risks that current shareholders of both Anglo and its subsidiaries would have to assume," the PIC said.
(Reporting by Felix Njini; Writing by Bhargav Acharya and Tannur Anders; Editing by Alexander Winning)
