Ben Davis, mining analyst at Liberum, comments on Anglo American’s widely-expected rejection of a $39 billion takeover proposal from BHP. Analysts and some Anglo investors had seen BHP’s proposal as well below the sort of price that would bring the 107-year-old miner to the table. "The structure was very unattractive," Davis tells Bloomberg Television. "They were asked to spin out Kumba [Kumba Iron Ore] and the Anglo platinum [Anglo American Platinum] stake holdings to their shareholders, which would have created a huge amount of flowback uncertainty."
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