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Investing.com — BHP Group (LON:) has stated it wants extra time to carry negotiations with Anglo American, as a deadline for the Australian miner to submit a proper takeover supply for its rival loomed massive.
Final week, London-listed Anglo (LON:) rejected a bid from BHP that was reportedly price 38.6 billion kilos ($49.20 billion). The companies now have till 5 p.m. London time on Wednesday to succeed in an settlement, following a week-long extension of a previous deadline.
In a press release to Australia’s securities alternate, BHP stated one other extension would enable for “additional engagement on its proposal.”
BHP, the world’s largest listed mining group, has put ahead a variety of measures to alleviate Anglo’s issues concerning the deal construction, which includes Anglo unbundling its platinum and iron ore belongings in South Africa.
“BHP is assured that the measures it has proposed to the Board of Anglo American present a viable pathway to resolve the issues raised by Anglo American,” it stated. “BHP has thought-about market precedent transactions and believes that the dangers are quantifiable and manageable.”
CNBC has reported that Anglo American stated it could reply to BHP’s request in “due time.”
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