06:39 AM EDT, 04/25/2024 (MT Newswires) -- Anglo American said Thursday it was reviewing an "unsolicited, non-binding" all-share merger offer from rival BHP (BHP).

The UK-based global mining firm said in a regulatory filing that BHP's offer was conditional on Anglo American selling its Anglo American Platinum and Kumba Iron Ore stakes to Anglo American shareholders.

Bloomberg, which first reported the offer, said the deal was valued at 31 billion UK pounds ($38.80 billion)

"There can be no certainty that any offer will be made nor as to the terms on which any such offer might be made," Anglo American said.

BHP did not immediately reply to MT Newswires' request for comment.

BHP shares were down more than 3% in recent Thursday premarket activity.

Price: 57.27, Change: -1.97, Percent Change: -3.33