Anglo American has rejected BHP’s unsolicited ￡31bn offer to buy and break up the UK-listed miner, saying the proposal “significantly undervalues” the company and would be “highly unattractive” to its shareholders.
Australia-based BHP approached its smaller rival this month with an all-stock offer excluding Anglo’s platinum and iron ore businesses in South Africa, which are independently listed. BHP has until May 22 to make a formal bid under UK takeover rules.
The miner’s proposal is intended to boost its position as the world’s biggest copper and steelmaking coal supplier. As well as spinning off Anglo’s South African iron ore and platinum division, BHP said it would review Anglo’s other assets.
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