Anglo American rejects BHP’s third bid, extends deadline

Anglo American rejects BHP’s third bid, extends deadline

Cecilia Jamasmie | May 22, 2024 | 7:03 am

Anglo American (LON: AAL) rejected on Wednesday a third takeover bid by BHP (ASX: BHP) that valued the company at $49.2 billion (£38.6bn), but it has agreed to extend the deadline for the world’s largest miner to make a formal offer.

BHP now has until May 29 at 5pm GMT time to table a binding bid for its smaller rival, which is simultaneously working on a radical business overhaul that will see it divest its less profitable coal, nickel, diamond and platinum units.

The latest, already rebuffed offer valued Anglo American’s shares at £29.34 based on the April 23 closing price. The figure represents a 47% premium on the stock value, BHP said.

“BHP has put forward a final offer that would provide Anglo American shareholders with 17.8% of a combined BHP and Anglo American,” chief executive Mike Henry said.

Read the full article at:  Anglo American rejects BHP’s third bid, extends deadline - MINING.COM