09:24 AM EDT, 05/13/2024 (MT Newswires) -- (Updates attribution in first paragraph and adds details.)

Anglo American rejected a revised proposal by BHP Group ( BHP ) for an all-share offer valuing the company at around 34 billion pounds ($42.67 billion), BHP said Monday.

The proposal offered Anglo American shareholders 0.8132 BHP shares for each ordinary share they own, which in aggregate would be 16.6% of the combined BHP and Anglo American group, an increase from the previous offer's 14.8% aggregate ownership, BHP said.

BHP also said it planned to offer up to two positions on the board of the combined business.

The company said it was disappointed by Anglo American's rejection, but continues to believe a combination with Anglo American "would deliver significant value for all shareholders."

Price: 57.41, Change: +0.22, Percent Change: +0.38