Anglo American rejects BHP’s new offer.

Anglo American has rejected BHP’s second takeover offer overnight in London. The revised bid offered shareholders 15% more than the initial offer put forward back in April. Under the Revised Proposal, BHP had increased the number of BHP shares that would be received by Anglo shareholders. BHP said that Anglo directors had refused the improved, non-binding bid earlier that day and BHP chief executive Mike Henry said he was disappointed Anglo directors had not been willing to discuss the bid further. He said that the combined business would have a leading portfolio of high-quality assets. The new bid values Anglo at $64.4 billion, up from around $60 billion.
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