06:43 AM EDT, 04/26/2024 (MT Newswires) -- Anglo American said Friday its board of directors unanimously rejected a 31.1 billion pound ($38.9 billion) all-share offer for the company by rival BHP Group ( BHP ) , arguing the proposal "significantly undervalues Anglo American and its future prospects."

The BHP proposal required Anglo American to spin off its Anglo American Platinum Limited and Kumba Iron Ore Limited to its shareholders before any merger.

In a regulatory filing, the UK-based global mining company called the unsolicited merger proposal "opportunistic."

"Anglo American is well positioned to create significant value from its portfolio of high-quality assets that are well aligned with the energy transition and other major demand trends," Anglo American chairman Stuart Chambers said in the filing

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