The share price of Australia's BHP Group fell by more than 3% on Thursday. This came after its smaller rival Anglo American Plc rejected a third acquisition proposal and agreed to extend the final bid submission deadline by one week.
By 00:26 GMT, BHP's share price had fallen as much as 3.8%, to AUD 44.47.
As the world's largest listed mining group, BHP must now submit a binding acquisition offer by May 29 or be prevented from making another offer for at least six months under UK takeover rules.
BHP's latest proposal of GBP 29.34 per share is based on the undisturbed closing price on April 23, valuing the London-listed Anglo American at GBP 38.3 billion (approximately USD 49.1 billion). The proposal remains conditional on Anglo American divesting its platinum and iron ore assets in South Africa.
The May 29 deadline coincides with South Africa's general election. Anglo American, which was founded in South Africa, still holds significant national importance.
Last week, Anglo American announced plans to divest or sell its less profitable coal, nickel, diamond, and platinum operations to refocus on its copper business.
On Wednesday, Anglo American's shares rose 0.4% on the London Stock Exchange, closing at GBP 26.98.
