BHP wants more time for Anglo American takeover talks

UK mining giant Anglo American has rejected its rival BHP’s plea to extend the looming deadline for a final offer on a proposed £39bn merger. Earlier on Wednesday, Australian BHP attempted to ease concerns about its plans for Anglo American’s business in South Africa ahead of elections in the country. It made commitments that included job security for employees there, but said it needed an extension on talks “to allow further engagement” on the plans. However, Anglo’s decision means the mega-merger is in jeopardy unless BHP changes its offer before 17:00 on Wednesday. The pair have been wrangling over the deal since Anglo American rejected BHP’s first takeover approach, a £31.1bn offer, at the end of April. Anglo then rejected BHP’s second £34bn offer at the start of May and its third offer of £38.6bn last week, but some Anglo shareholders urged the company to keep negotiating. Anglo and the South African government have also cited concerns about BHP’s proposal to spin off the South African businesses. After rejecting BHP the third time, Anglo announced its own plans to break up its business by selling or spinning off major parts of the firm including its De Beers diamond operation and...