The British multinational mining company Anglo American has turned down a proposed acquisition offer from the BHP Group, the world’s largest mining entity.
Following this morning’s rejection, shares in the platinum group dropped by over 1%.
The offer from BHP included conditions such as a requirement for Anglo American to separate from Anglo American Platinum and Kumba Iron Ore, all part of BHP’s all-share proposal.
Anglo American views the proposal as significantly undervaluing both itself and its future potential.
The board has further argued that the offer is highly unattractive to its shareholders.
Market analyst Patrick Mathidi commented, “Between now and May 20th, BHP must respond and either improve the offer or let it expire. So, the situation is still unfolding. Additionally, it’s important to note that this transaction is contingent upon regulatory approvals.”
VIDEO: BHP Group’s proposed deal to purchase Anglo American:
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