Iron ore mining in Western Australia.
Cuhrig | E+ | Getty Images
Mining giant Anglo American on Friday rejected a takeover bid from rival BHP Group, saying the offer “significantly undervalues” the company and its future prospects.
Australian company BHP said on Thursday it had made a share buyback offer that valued the small company at £31.1 billion ($38.9 billion). This acquisition would have created the largest mining company in the world, according to a Reuters analysis.
Shares in Anglo American were trading 0.8% lower at 8:30 a.m. London time, while other mining stocks rose.
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