Anglo American has rejected BHP’s request to extend takeover discussions, citing “no basis” for delaying the deadline.
In a statement following BHP’s request this morning, Anglo American said: “BHP has not addressed the Board’s fundamental concerns regarding the disproportionate execution risk associated with the proposed structure and the value that would ultimately be delivered to Anglo American’s shareholders.
“After considering detailed feedback from extensive engagement with Anglo American’s shareholders and stakeholders, the board has unanimously concluded that there is no basis for a further extension to the deadline.”
Anglo American’s shareholders are advised to take no action in relation to this matter. There can be no certainty that any firm offer will be made.
Further to the announcement released by Anglo American on 22 May 2024, BHP must by not later than 5.00 p.m. on 29 May 2024, or walk away.
