BHP seeks extension to $49 billion Anglo American takeover talks deadline

Investing.com -- BHP Group (LON:BHPB) has said it needs more time to hold negotiations with Anglo American, as a deadline for the Australian miner to submit a formal takeover offer for its rival loomed large.

Last week, London-listed Anglo (LON:AAL) rejected a bid from BHP that was reportedly worth 38.6 billion pounds ($49.20 billion). The firms now have until 5 p.m. London time on Wednesday to reach an agreement, following a week-long extension of a prior deadline.

In a statement to Australia's securities exchange, BHP said another extension would allow for "further engagement on its proposal."

BHP, the world's largest listed mining group, has put forward a range of measures to alleviate Anglo's concerns regarding the deal structure, which comprises Anglo unbundling its platinum and iron ore assets in South Africa.

"BHP is confident that the measures it has proposed to the Board of Anglo American provide a viable pathway to resolve the matters raised by Anglo American," it said. "BHP has considered market precedent transactions and believes that the risks are quantifiable and manageable."

CNBC has reported that Anglo American said it would respond to BHP's request in "due time."