Anglo American, the global mining company, last night rejected Xstrata's proposed all-share “merger of equals”, calling the terms offered by the Swiss-based miner “totally unacceptable”.
The Anglo board took less than two hours to reach a unanimous decision to reject Xstrata's proposal to create a diversified mining giant with a stock market value of about £40bn ($65bn), according to a person familiar with the matter.
Xstrata, which has grown aggressively through acquisitions over the past five years, is expected to consider sweetening the deal if it remains committed to a friendly merger.
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