Iron ore mining in Western Australia.
Cuhrig | E+ | beautiful images
Mining giant British American on Friday rejected a takeover offer from its rival BHP Groupsaid that the offer “significantly undervalues” the company and its future prospects.
Australia-based BHP said on Thursday it had made an all-share takeover offer, valuing the smaller company at 31.1 billion pounds ($38.9 billion). According to Reuters analysis, the takeover would create the world's largest mining company.
Anglo American shares were trading down 0.8% at 8:30 a.m. London time, while other mining stocks were up.
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