Anglo American Rejects BHP's Improved Takeover Bid

Australian mining giant BHP revealed on Monday that British rival Anglo American has rejected an "improved" takeover bid worth £34 billion ($43 billion) as it aims to create a copper titan

London, (APP - UrduPoint / Pakistan Point News - 13th May, 2024) Australian mining giant BHP revealed on Monday that British rival Anglo American has rejected an "improved" takeover bid worth £34 billion ($43 billion) as it aims to create a copper titan.

BHP's latest colossal offer, which seeks also to reshape the global mining landscape, comes after its initial £31.1-billion ($39-billion) approach had been rebuffed last month.

"The revised proposal was rejected... BHP is disappointed that the Anglo American board has chosen not to engage with BHP with respect to the revised proposal and the improved terms," the company said in a statement.

Anglo American said in a statement that its board had considered the latest offer "and concluded that it continues to signficantly undervalue Anglo American and its future prospects".

BHP has lifted the number of shares that would be given to Anglo investors under the improved terms and it still plans to split off Anglo's platinum and iron ore subsidiaries in South Africa, with shares split between the British firm's shareholders.