Hello my names is james,I’m photographer.
Anglo American’s (OTCQX:AAUKF) board has unanimously rejected BHP’s (NYSE:BHP) $39B takeover offer, saying the bid “significantly undervalues” the British miner and its future prospects, and also creates substantial uncertainty and execution risk.
“The proposal contemplates a structure which the board believes is highly unattractive for Anglo American’s (OTCQX:AAUKF) shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks,” the company said in a statement.
BHP’s (BHP) proposal “is opportunistic and fails to value Anglo American’s (OTCQX:AAUKF) prospects, while significantly diluting the relative value upside participation of Anglo’s shareholders relative to BHP’s shareholders,” said Stuart Chambers, chairman of Anglo American.
Anglo’s U.K.-listed shares slipped 0.5% after the news. BHP’s Australia-listed shares had closed 4.6% lower prior to the announcement.
The proposed acquisition would’ve ranked as one of this year’s biggest M&A deals and would’ve created the world’s biggest copper miner accounting for 10% of the metal’s global production.