CNBC: Anglo American rejects BHP’s $39bn takeover bid to form mining juggernaut

CNBC reports:

Mining giant Anglo American on Friday rejected a takeover bid from rival BHP Group, saying the offer “significantly undervalues” the company and its future prospects.

Australia-based BHP on Thursday said it had made an all-share takeover offer which valued the smaller company at £31.1 billion ($38.9 billion). The takeover would have created the world’s largest mining company, according to a Reuters analysis.

Shares of Anglo American were trading down 0.5% at 9:00 a.m. London time, while other mining stocks rose.

In a statement, the British miner said that board members had unanimously rejected BHP’s “unsolicited, non-binding and highly conditional” proposal.

Anglo American’s Chairman Stuart Chambers dismissed the bid as “opportunistic”…

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