Anglo American rebuffs BHP’s undervaluing takeover bid, preserves independence and future prospects worth £31.1bn

Anglo American has rejected an acquisition proposal put forth by BHP Group on Friday, stating that the offer significantly undervalues their company and its future prospects. The bid was announced by Australia-based mining giant BHP yesterday in the form of a stock takeover deal worth £31.1 billion ($38.9 billion). This move would have resulted in the formation of the largest global miner, according to an analysis carried out by Reuters. At present, shares of Anglo American are down 0.8% as the market is open at London time of 8:30 a.m., while other mining stocks witness an increase in value. This story will be updated with further developments.