British mining giant Anglo American has rejected a blockbuster $38.8 billion takeover bid from Australian rival BHP.
Image: Anglo American Image: Anglo AmericanThe snub came one day after BHP had launched its colossal bid, which aims to create the world’s biggest listed copper producer and reshape the global mining sector.
“The proposed structure is also highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders.” The offer, which was pitched at £25.08 per share, caused Anglo stock to surge 16 percent in value on the London stock market on Thursday.“Anglo American has defined clear strategic priorities – of operational excellence, portfolio, and growth – to deliver full value potential and is entirely focused on that delivery.”
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