BHP Group wants extension to $49 billion Anglo American takeover talks as deadline looms

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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