09:09 AM EDT, 04/30/2024 (MT Newswires) -- (Updates with response from BHP in the fourth paragraph.)

BHP Group ( BHP ) is considering a revised offer for Anglo American after its initial all-stock offer worth $39 billion was rejected on Friday, Reuters reported Monday, citing an unnamed source familiar with the matter.

BHP is engaged in ongoing internal discussions on a revised bid for rival mining company Anglo American and has yet to settle on the size or structure of an offer, according to the report.

Under UK rules, BHP has until May 22 to come back with a formal offer for Anglo American after its initial offer was rejected, Reuters said.

In a statement posted on its website late Monday, BHP confirmed it had made an offer that was rejected. It said the May 22 deadline could be extended based on UK rules on takeovers and mergers. The company declined to confirm whether it was considering making another offer but stated it had the right to amend its non-binding offer.

Anglo American did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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