The company’s logo adorns the side of BHP Billiton’s global headquarters in Melbourne on February 21, 2023. % – which reached $6.46 billion in the six months ended December 31.
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LONDON – Anglo American Plc rejected a third takeover bid from rival BHP Group on Wednesday, with the companies agreeing to extend negotiations by a week.
Stuart Chambers, chairman of Anglo American, said in a statement: “The board carefully considered BHP Billiton’s latest proposal and concluded that the proposal fell short of expectations to deliver value to Anglo American shareholders and therefore unanimously rejected the proposal. statement on the London Stock Exchange website.
Chambers added: “However, the board is willing to continue to engage with BHP and its advisers on this subject and has therefore requested that the PUSU deadline be extended by one week, which the panel has agreed to.”
The company confirmed BHP’s third offer of about 29.34 pounds per Anglo American share, based on the undisturbed share price as of the close of trade on April 23.
Before discussing an extension, under UK takeover rules BHP must make a formal final offer to Anglo by 5pm in London, following a four-week bidding war.
Shortly after the news was announced, Anglo American shares rose 0.35%, while BHP shares fell more than 3.4%.
The mining and metals giant previously made two non-binding offers to Anglo American as it seeks to consolidate its stake in the copper industry, given copper’s key role in the energy transition and products such as electric vehicles, power grids and wind turbines. dominant position.
According to Reuters analysis, the combined company will become a giant in copper mining and the world’s largest player in the field, accounting for 10% of global production.
However, Anglo American rejected two previous proposals, saying they “Seriously underestimated The company and its future prospects.
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