Anglo American has left the door open to a takeover by BHP but has rejected an offer of $73.9 billion from the Australian mining giant.
The Anglo American board has granted BHP a one-week extension to come up with an improved fourth bid. Anglo wants its suitor to revisit the proposed spin-off of the South African assets, which the takeover target sees as too risky and costly.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
