(Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)LONDON — Anglo American rejected a third takeover proposal from rival BHP Group on Wednesday, as the companies agreed to extend talks deadline by one week.
The British miner confirmed the third proposal from BHP offered about £29.34 per Anglo American share, based on undisturbed share prices as of market close on April 23.
Shares of Anglo American were up 0.35% shortly after the announcement, while BHP shares fell over 3.4%.
The combined companies would form a behemoth in copper mining and the world's largest player in the space, supplying 10% of global output, according to a Reuters analysis.
Anglo rejected both previous offers, however, saying that they "significantly undervalue the company and its future prospects."
Persons:
Stuart Chambers, Chambers, Duncan Wanblad
Organizations:
BHP, William WEST, WILLIAM WEST, Getty, BHP Group, London Stock Exchange, Limited, Iron Ore Limited, Rio Tinto
Locations:
Melbourne, Australian, AFP, American, London, Australia