Chris Ratcliffe | Bloomberg | Getty Images
LONDON – BHP Group said on Wednesday it believed it was necessary to extend talks with takeover target Anglo American as a deadline for discussions approached later in the meeting.
The Australian miner said in a statement that it had proposed a series of “socio-economic measures” to address concerns about its bid, but added that more time was needed for discussions.
The acquisition valued the company at 38.6 billion pounds ($49.2 billion), according to previous calculations by Reuters.
“BHP considers that a further extension of the deadline is needed in order to further engage in its proposals,” BHP said in a statement.
Rival miners have until 5pm London time on Wednesday to reach a deal, after extending last week’s deadline by a week.
Anglo American told CNBC it would respond to BHP’s request “in due course.”
This is a breaking news story. Please check back for updates.
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