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London-based mining group Anglo American has turned down the proposal from rival miner BHP to acquire the company, stating that the offer "significantly undervalues" Anglo American and its future prospects, and that the deal is "highly unattractive" for its shareholders.
BHP approached Anglo American with a full-share acquisition offer of $38.8 billion, contingent on the divestment of Anglo American's platinum and iron ore operations in South Africa.
"The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," Anglo Chairman Stuart Chambers said in a statement.
BHP's offer to acquire Anglo American aims to bolster its position as one of the world's largest copper suppliers.
BHP has until May 22 to make a binding bid, and investors anticipate a revised offer to win over shareholders and management.
(Writing by Alex Guo Editing by Harry Huo)
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