BHP and Anglo American have failed to make progress on terms for their £39bn mining megamerger, setting the stage for fraught final hours of talks before a deadline for negotiations expires on Wednesday.
Anglo American last week rejected BHP’s “final offer” but granted the Australian company another seven days to discuss the proposed takeover after a push from its key shareholders including BlackRock.
Although the extension has led to the first meaningful engagement between the two sides since BHP made its initial approach in early April, the parties still fundamentally disagree on the deal structure after six days of talks, according to people familiar with the matter.