LONDON (AP) — U.K.-based mining giant Anglo American has rejected a 31 billion pound ($39 billion) takeover offer from BHP Group, saying it significantly undervalues the company and its growth potential.
Anglo said Friday that its board unanimously rejected the “unsolicited” and “highly conditional” bid from BHP, which was announced a day earlier. The deal would create the world’s largest copper miner, with around 10% of global output — a hugely lucrative market as the world transitions to clean energy.
Anglo said in a statement to the London Stock Exchange that the BHP proposal is “opportunistic” and “fails to value” the company’s prospects.
“Anglo American is well positioned to create significant value from its portfolio of high quality assets that are well aligned with the energy transition and other major demand trends,” said chairman Stuart Chambers.
Body believed to be that of trucker who went missing in November found in Iowa farm field
Right whale is found entangled off New England in a devastating year for the vanishing species
Senior CPC official stresses addressing people's immediate concerns
China regulates terrorist cases handling procedures in accordance with law: white paper
FIFA seals closer ties to Saudi Arabia with World Cup sponsor deal for oil firm Aramco
Thai edition of Xi's book published
Former president of Bank of China expelled from CPC
Xi Jinping Thought on Culture guides China’s cultural development
Amazon unit plans to invest $11 billion to data center in Indiana
Xi's important speech infuses Hong Kong's development with strong confidence