South African Mines Minister Gwede Mantashe signaled his opposition to BHP Group Ltd.'s proposed takeover of Anglo American. The offer by the world's largest miner envisages an all-share deal in which Anglo American would first spin off controlling stakes in South African platinum and iron-ore companies to its shareholders before being acquired by BHP. The proposal values Anglo American at £31.1-billion ($38.8-billion) "I wouldn't support it," Mantashe said by phone on Thursday. "I don't think Anglo will agree to that. I wouldn't if I was on the board." Anglo American is the fourth-biggest stock in the FTSE/JSE Africa All Share Index, with a weighting of 4.3%. The company owns majority stakes in two other South African listed miners – Anglo American Platinum, or Amplats, and Kumba Iron Ore – and South Africa's State pension fund manager is its biggest shareholder.