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BHP Says Anglo American Turned down Revised Proposal

BHP Group Ltd. announced that Anglo American Plc turned down an enhanced acquisition offer, valuing the mining firm at around £34 billion (US$43 billion).

BHP, the world’s largest mining company, is eyeing Anglo for its South American copper assets, aiming to become the top copper producer while bolstering its already extensive portfolio in iron ore and coal.

Despite offering a 15% increase over its initial bid, BHP’s improved proposal, submitted on May 7, including the condition that Anglo divest its South African units pre-acquisition, was rejected by Anglo, which dismissed this arrangement. As pressure mounts on Anglo to demonstrate how it can generate more value independently, BHP faces the challenge of further enhancing its offer to secure a deal. Senior executives from both firms are currently attending a conference in Miami. Should the takeover succeed, it would signify a return to substantial dealmaking for BHP, reflecting its renewed appetite for transformative acquisitions under the leadership of CEO Mike Henry.

BHP expressed disappointment over the rejection, with CEO Henry emphasizing that the revised proposal was crafted to benefit shareholders of both companies. As of 1:44 p.m. in London, Anglo shares dipped 0.6%, while BHP’s London-traded shares remained steady.

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