Anglo American has rejected another BHP bid

Aussie miner BHP Plc (LSE:BHP) on Monday confirmed that Anglo American’s management snubbed its improved takeover approach.

The improved offer, announced last week, was still pitched at £34 billion and demanded asset sales, but promised AAL shareholders a larger stake in the combined business.

BHP boss Mike Henry struck a stubbornly bullish tone, in a stock market statement, as he said: "BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world-class businesses.”

According to an research note, RBC reckons the BHP is still on the cheap side with the Canadian bank’s team estimating AAL’s value at around £31 per share versus the BHP bid that equates to £27.53.