BHP Group said Anglo American Plc rebuffed an improved takeover offer, which valued the mining company at about US$43 billion.
BHP, the world’s largest miner, is seeking to buy Anglo for its South American copper assets.
That would make it the No. 1 copper producer, alongside its sprawling portfolio of iron ore and coal. BHP’s initial approach was rejected by Anglo.BHP said Anglo rejected its latest offer, which was 15% higher than its first approach, on Monday.
The improved proposal tabled on May 7 still included the stipulation that Anglo must spin off its South African units before the acquisition.
Anglo has dismissed that structure. BHP says Anglo American has rejected revised proposal.