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.
Leak from Indiana fertilizer tank results in 10
Chinese community energizes Cape Town Carnival
5th World Sichuan Cuisine Conference held in SW China
Bank Holiday washout! Met Office issues nine
Xi Calls on China, U.S. to Find Right Way to Get Along
We gifted President Xi a ticket for Mombasa
Fesitve atmosphere in Macao ahead of Mid
Boeing calls off Starliner launch due to rocket issue
Wintering migrant birds arrive at Dongting Lake wetland in C China
No, France did not deploy troops to fight with Ukraine against Russia
Xiplomacy: Xi's APEC Visit Signifies Hope for China