UK-based mining giant Anglo American has announced that it has rejected Australian miner BHP Billiton’s revised offer to acquire its operations, claiming that the offer continues to significantly undervalue the company and its future prospects. Anglo American has not specified the amount of the bids it had received; however, media reports indicate that BHP had offered $39 billion in the first attempt and $42.7 billion in the second attempt for the takeover.
Regarding BHP’s first offer, the board of directors of Anglo American reached the conclusion that it seriously undervalued Anglo American and was highly unattractive for Anglo American’s shareholders, as SteelOrbis previously reported. “The latest proposal from BHP again fails to recognize the value inherent in Anglo American,” Stuart Chambers, chairman of Anglo American, commented.
Meanwhile, according to another statement the company published recently, within the scope of its new business plan, Anglo American will focus on producing 100 percent premium iron ore in Brazil and South Africa to support steel decarbonization.