UK-based mining giant Anglo American has announced that it has rejected a request by Australian miner BHP Billiton to extend takeover talks.
The company recently rejected BHP’s third proposal at $49.1 billion, while the board of directors gave BHP until May 29 to complete the talks, as SteelOrbis previously reported. There has since been extensive engagement with BHP and its advisers, with a particular focus on the proposed structure and value risks for Anglo American’s shareholders. However, following the rejection of the request for an extension of the talks, BHP confirmed that it does not intend to make another offer for Anglo American.
As SteelOrbis reported previously, Anglo American rejected BHP’s initial and second offers.