RIO - Anglo American Rejects BHP's Improved Bid Rio Tinto Remains Contender For Prized Copper Assets | Benzinga
Anglo American (OTCQX:AAUKF) rebuffed BHP‘s (NYSE:BHP) advances again.
What Happened: The London-based mining company rejected the Australian mining giant’s revised $42.7 billion takeover bid. This offer was the second in three weeks, aimed at Anglo’s prized copper assets and significantly bolstering BHP’s presence in key regions like Chile and Peru.
"The latest proposal continues to contemplate a structure which the board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent, and significant execution risks," the company said in a statement.
The revised offer, received on May 7, was 10% higher than BHP’s first bid, representing a 15% increase in the merger exchange ratio. However, Anglo American remained steadfast in its decision. The bid was ...