Takeover talks stall at Anglo American after itemizing rows

Bid barrage: Anglo American last week rebuffed BHP’s third offer of £39bn but agreed to engage in takeover talks

Takeover talks between BHP and Anglo American will be extended again amid wrangling over the new company’s listing.

Following discussions over the weekend, an offer deadline set for 5pm today could be pushed back. The Mail understands that should a deal be given the green light, BHP is considering moving the merged company’s listing from Australia to London in a boost for the City.

It comes amid fears that Anglo American – one of the biggest firms on London’s stock market –would leave the embattled exchange following a takeover.

And it follows BHP’s decision to quit the Square Mile just three years ago to list in Sydney.

Anglo last week rebuffed its larger rival’s third offer of £39billion but agreed to engage in takeover talks. It came after Anglo rejected two earlier bids of £31billion and £34billion. 

If it goes ahead, the tie-up would be one of the largest mining deals on record.

A major hurdle to a deal has been the requirement for Anglo to sell two of its South African businesses.

Today’s deadline coincides with South Africa’s national election, adding an extra layer of political complexity. 

South African politicians, notably mining minister Gwede Mantashe, have expressed opposition to the deal.

Czech billionaire Daniel Kretinsky also has until 5pm today to make a formal offer for Royal Mail owner International Distribution Service (IDS).

He is set to make a bid valuing the postal service at £3.5billion. IDS said earlier this month that it was ‘minded to recommend’ the proposal, if a firm offer was made.