ANGLO AMERICAN has rejected a second takeover bid from BHP - which was worth £34bn - it has been confirmed.

The FTSE 100-listed mining company received a first offer in April which valued it at £31bn - a 13 per cent premium to Anglo's share price at the time the bid was announced.

The second bid had been widely expected ahead of the 22 May deadline.

The firm has been conducting a strategic review of its business since the middle of 2023, examining its operations on a mine-by-mine basis in to assess how it can recover the ground lost on its competitors in recent years.

In a statement, BHP said it was "disappointed that the Anglo American board has chosen not to engage with BHP with respect to the revised proposal and the improved terms".

Stuart Chambers, chairman of Anglo American, said: "The latest proposal from BHP again fails to recognise the value inherent in Anglo American... The BHP proposal also continues to have a highly unattractive structure."

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