UK-based mining giant Anglo American has announced that it has rejected Australian miner BHP Billiton’s third proposal to acquire its operations. Despite the rejection, the board of directors has given the Australian company until May 29 to complete the talks.
Media reports indicate that BHP’s third offer valued the company at $49.1 billion.
“The board considered BHP’s latest proposal carefully, concluded it does not meet expectations of value delivered to Anglo American’s shareholder. However, 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,” Stuart Chambers, chairman of Anglo American, stated.
As SteelOrbis reported previously, Anglo American also rejected BHP’s initial and second offers.