Anglo American Plc said it won’t give BHP Group any further time to commit to a takeover offer, signalling the likely end for now to a $49 billion pursuit by the world’s biggest mining company.
The decision marks a dramatic climax to the five-week battle between two of mining’s biggest names, just hours before a 5 p.m. deadline for BHP to commit to an offer or walk away for six months. Anglo has repeatedly rebuffed proposals from BHP to partly break up and then acquire the 107-year-old company, but last week agreed to a one-week extension to a UK deadline in order to extend talks.
However, Anglo has raised repeated objections to the complicated deal structure and the two sides have been unable to find a solution. BHP made a last-minute push to pressure Anglo’s board earlier on Wednesday, citing commitments it has made to help get the deal approved in South Africa and saying it believed the risks were manageable.
Several of Anglo’s biggest shareholders said last week that they supported the company’s efforts to persuade BHP to change the structure of its takeover proposal or compensate for the risks it presented.
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