Anglo American’s board has rejected BHP’s takeover supply, saying that the proposal “considerably undervalues” the copper, iron ore and platinum producer.
The London-listed firm mentioned that the valuation was not the one difficulty, calling the proposed construction that might require Anglo to demerge its South African iron ore and platinum divisions “extremely unattractive”.
On Thursday, BHP went public with its proposal to purchase one among its largest rivals.
“The BHP proposal is opportunistic and fails to worth Anglo American’s prospects,” mentioned Stuart Chambers, chair of Anglo American. “The proposed construction can also be extremely unattractive, creating substantial uncertainty and execution danger borne virtually completely by Anglo American, its shareholders and its different stakeholders.”