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.