The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. – The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)
William West | Afp | Getty Images

LONDON — BHP Group on Wednesday said it believes an extension to talks with takeover target Anglo American is necessary, as the deadline for discussions looms later in the session.

The Australian miner said in a statement that it had proposed a number of “socioeconomic measures” to address concerns over its bid, but added that more time was needed for discussions.

The offer values the company at £38.6 billion ($49.2 billion), according to previous Reuters calculations.

“BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal,” it said in a statement.

The rival miners have until 5 p.m. London time Wednesday to reach an agreement following a week-long extension of last week’s deadline.

Anglo American told CNBC that it would respond to BHP’s request “in due course.”

BHP Group’s bumper takeover bid is part of an effort to create a copper mining juggernaut and capitalize on the base metal’s critical role in the green energy transition.


Anglo rejected BHP’s previous offers, saying they undervalued the company and its prospects.

The British miner has also raised concerns over demands for it to de-merge from two of its South African entities, which company Chairman Stuart Chambers previously said would create “substantial uncertainty” and executive risk for the company.

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