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Anglo American has rejected a revised offer from BHP, according to a statement from the bidder.
BHP said its revised offer was structured in the same way as its original bid but would have given Anglo shareholders a bigger stake in BHP.
BHP chief executive Mike Henry said: “BHP put forward a revised proposal to the Anglo American board that we strongly believe would be a win-win for BHP and Anglo American shareholders. We are disappointed that this second proposal has been rejected.
“The revised proposal represents a 15 per cent increase in the merger exchange ratio and increases Anglo American shareholders’ aggregate ownership in the combined group to 16.6 per cent from 14.8 per cent in BHP’s first proposal.”
This is a developing story.
