Anglo American rejects BHP request to extend talks on takeover

SYDNEY -- British miner Anglo American has rejected a last-ditch request by BHP to extend talks on the Australian giant's proposed $49.18 billion takeover of the company, delivering its verdict hours before a deadline for BHP to submit a formal offer.

Anglo American last week rejected a third all-share takeover proposal from BHP Group but agreed to a one-week extension for a formal offer to be submitted. The deadline is part of Britain's binding takeover rules and expires at 5 p.m. London time on Wednesday. BHP must make a formal offer by then or walk away for at least six months.