Anglo American and BHP Group fourth takeover bid from BHP Group – MASHAHER

LONDON — BHP Group on Wednesday said it believes an extension to talks with takeover target Anglo American is necessary, as the deadline for discussions looms later in the session.

The Australian miner said in a statement that it had proposed a number of “socioeconomic measures” to address concerns over its bid, but added that more time was needed to discussions.

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 had 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.”

This is a breaking news story. Please check back from updates.