Anglo American has rejected an improved takeover proposal from rival BHP that values the UK-listed miner at £34bn, intensifying the battle between two titans of the global mining industry.
BHP’s new non binding, all-share proposal valued its smaller rival at £27.53 per share — up from approximately £25 per share in last month’s original offer, the Australian group said on Monday.
The latest bid from BHP represented a 15 per cent increase in the merger ratio in its previous proposal, according to BHP, and about a 30 per cent premium to Anglo’s share price before takeover talks become public.
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