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 company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. - The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. LONDON —
"The Board is willing to continue to engage with BHP and its advisers on this topic and has therefore requested a one week extension to the PUSU deadline which has been consented to by the Panel," Anglo American Chairman Stuart Chambers said in aThe company confirmed it had rejected a third proposal from BHP which offered about £29.34 per Anglo American share, based on undisturbed share prices as of market close on April 23.
Before discussions were extended, under U.K. takeover rules BHP previously had until 5:00 p.m. London to make a formal and final offer for Anglo following a drawn out four-week bidding battle.
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