Anglo American has agreed to a one-week extension for BHP Group to make a binding takeover offer, it said on Wednesday, after rejecting a third proposal from its rival that valued it at 38.6 billion pounds .
“The conclusion here appears to be clear – this new proposal was rejected by Anglo on grounds of structure rather than price,” said Mark Kelly at MKP Advisors. “ consequently has the potential for material value leakage to be disproportionately suffered by Anglo American’s shareholders,” Chambers said.
South Africa’s Public Investment Corporation had earlier said that BHP should consider revising its initial proposal.
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