Anglo American rejects BHP’s $39 billion takeover bid to variety mining juggernaut

Anglo American rejects BHP’s billion takeover bid to variety mining juggernaut

Iron ore mining in western Australia.

Cuhrig | E+ | Getty Photos

Mining giant Anglo American on Friday turned down a takeover bid from rival BHP Team, expressing the present “substantially undervalues” the organization and its long run potential customers.

Australia-centered BHP on Thursday stated it had manufactured an all-share takeover offer which valued the lesser firm at £31.1 billion ($38.9 billion). The takeover would have produced the world’s major mining corporation, according to a Reuters investigation.

Shares of Anglo American ended up trading down .8% at 8:30 a.m. London time, while other mining stocks rose.

This is a breaking news story. Make sure you check back again for updates.

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