Anglo American Rejects BHP’s Revised £34 Billion Proposal (2)

Anglo American Plc rebuffed a sweetened takeover offer from BHP Group Ltd.that valued it at about £34 billion ($43 billion), leaving it up to the Australian miner to make a better bid or lose out on what could be the industry’s biggest deal in a decade.

BHP, the world’s largest miner, is seeking to buy Anglo for its South American copper assets. That would make it the No. 1 copper producer, alongside its sprawling portfolio of iron ore and coal. BHP’s initial approach was rejected by Anglo.

BHP said Anglo rejected its latest offer, which was 15% higher ...