Good morning,

Mining giant BHP has made a bold play to dramatically expand its copper portfolio, lobbing a $40.5bn bid for Anglo American in what is likely to be the biggest global resources deal this year.

Anglo American's shares have only just begun recovering from a horror year where they almost halved in value, making the London-based company vulnerable to a takeover from BHP or even a counter offer from Rio Tinto or Glencore.

The Australian Shareholders’ Association plans to oppose the re-election of Jack Teoh, son of TPG founder David Teoh, at the company's AGM next week due to his “minimal experience” in the telco industry and on ASX-listed boards.

Five things to know this morning

1. Local shares are set to decline following a sharp fall on Wall Street after data showing the US economy slowed in the first quarter.
2. Pallas Group is tapping investors for a $5m cash injection on its Melbourne headquarters in a bid to reduce its debt exposure and extract money from the city fringe property.
3. Star Entertainment’s board will front the Bell inquiry next week, after a torrid fortnight that included allegations of a toxic corporate culture that encouraged hostility to regulators.
4. Swiss giant Nestle's profit slumped 30 per cent to $88.9m in Australia last year, largely due to increasing costs, while sales rose 8 per cent to $2.7bn with the help of price hikes.
5. The big four banks are likely to easily meet expectations in their upcoming profit reports, and will either maintain or increase dividends, while ANZ might even announce a $1.5bn share buyback, say JP Morgan analysts.