Iron ore mining in western Australia.
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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.
Australia-based BHP on Thursday said it had made an all-share takeover offer which valued the smaller company at £31.1 billion ($38.9 billion). The takeover would have created the world’s largest mining company, according to a Reuters analysis.
Shares of Anglo American were trading down 0.8% at 8:30 a.m. London time, while other mining stocks rose.
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