Anglo American once again turned down an increased takeover bid of £34 billion from BHP Group, asserting that the proposal still significantly undervalues the company. This decision came after the London-listed miner dismissed BHP's initial £39 billion all-share offer made on April 25 because of its opportunistic nature and potential dilution of shareholder value.

Stuart Chambers, Chairman of Anglo American, stated that BHP's latest offer fails to recognize the inherent value of the company. Despite BHP's 10% higher bid, which included a 15% rise in the merger exchange ratio, Anglo American remains unconvinced.

BHP CEO Mike Henry expressed disappointment at the rejection, emphasizing the potential value a merger would bring to shareholders of both companies. However, Anglo remains wary of the proposed structural changes, particularly the requirement to divest its South African iron ore and platinum assets.

The mining industry has witnessed heightened merger and acquisition activity, with Anglo's rejection of BHP's bid underscoring the intense competition and strategic considerations within the sector.