Anglo American rejects BHP’s third takeover proposal

Anglo American turned down a third takeover bid from BHP Group despite agreeing to extend the negotiation period by one week. The latest offer valued Anglo American at £38.6 billion, proposing £29.34 per share based on April 23 closing prices. BHP's bid also included a demand for Anglo to divest its platinum and iron ore assets in South Africa, a move Anglo deems too risky.

Anglo American Chairman Stuart Chambers stated the board unanimously rejected BHP's proposal as it did not meet shareholder value expectations. Nevertheless, Anglo is open to further discussions with BHP.

BHP Group made two previous nonbinding offers for Anglo American, aiming to strengthen its position in the copper industry, which is crucial for energy transition technologies like electric vehicles, power grids, and wind turbines.