Miner Anglo American Rejects BHP's $38.8 Bn Takeover Bid
Sumaira FH Published April 26, 2024 | 12:20 PM
London, (APP - UrduPoint / Pakistan Point News - 26th Apr, 2024) British mining giant Anglo American on Friday rejected a blockbuster $38.8-billion takeover bid from Australian rival BHP, arguing that it was too low.
The news came one day after BHP had launched its colossal bid, which aims to create the world's biggest listed copper producer.
"The board has considered the proposal with its advisers and concluded that the proposal significantly undervalues Anglo American and its future prospects," the London-listed company said in a statement.
"The board has therefore unanimously rejected the proposal," it said, adding that the BHP offer "contemplates a structure which the board believes is highly unattractive for Anglo American's shareholders".
Anglo advised shareholders to take no action in relation to the gigantic offer, which has the potential to fundamentally reshape the sector.
"The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," said Anglo chairman Stuart Chambers.
"The proposed structure is also highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders."
Recent Stories
Today Gold Rate in Pakistan 07 May 2024
Sharjah Animation Conference explores cross-cultural collaboration opportunities ..
Sharjah Public Library provides countless opportunities for young imaginations t ..
Sharjah Police launches 'Your belongings, your responsibility' awareness campaig ..
Dubai Police displays Innovative Tourism Security Services at 'ATM 2024'
Mohammad Haris, Aamir Jamal not part of national squad for Ireland, England: Bab ..
Erdogan opens former church to Muslim worshippers
Cultural events hallmark of a nation, Director RAC
Iraq hangs 11 convicted of 'terrorism': security, health sources
Stocks rise on renewed hopes of rate cuts
PM assures all-out support to Saudi investment
S.Africa building collapse traps 48 workers: city hall
More Stories From World
-
Pakistan pushes for preventing weaponization of outer-space to avert threats to peace
20 minutes ago -
Boeing probed in US over possible falsified records on 787
21 minutes ago -
Crystal Palace thrash Man Utd 4-0 to leave Ten Hag's future in doubt
40 minutes ago -
Togo ruling party sweeps regional council elections
50 minutes ago -
Tokyo shares open higher
50 minutes ago -
Australian PM mourns 'tragic' deaths of surfers killed in Mexico
50 minutes ago
-
Brazil ex-leader Bolsonaro moved to Sao Paulo hospital for skin infection
50 minutes ago -
Madrid must 'improve' to overcome Bayern in Champions League
50 minutes ago -
Victor Wembanyama of France named NBA Rookie of the Year
50 minutes ago -
Putin inauguration set to prolong his two decades in power
50 minutes ago -
China says top climate envoy heading to US for talks
50 minutes ago -
Boeing Starliner crewed mission postponed shortly before launch
50 minutes ago