BHP calls for extension of Anglo American takeover talks
World’s biggest miner seeks further negotiations on proposed £39bn deal
BHP has urged Anglo American to extend takeover talks as the world’s largest miner presses ahead with a £39bn attempt to buy its smaller rival.
Under UK takeover rules, the Sydney-based company faces a deadline of 5pm UK time on Wednesday to make an offer for Anglo or walk away.
The companies have been in talks since May 22 in an effort to find an agreement on the structure of the deal. BHP’s three approaches had all required Anglo to spin off its two South African businesses — a demand that angered the government in Pretoria and was strongly opposed by Anglo.
In a statement on Wednesday morning, BHP said “a further extension of the deadline is required to allow for further engagement on its proposal”.