Bhp, why Anglo also rejected the new $43 billion offer

The second shot also fell short. Bhp came forward with a new purchase proposal for Anglo American, increasing the exchange ratio by 15% and bringing the mining group's valuation to USD 43 billion, up from USD 39 billion previously. But it was rejected again, on the same grounds given in response to the first approach, made in April.

The offer 'continues to significantly undervalue Anglo American and its future prospects' and 'continues to contemplate a structure that the board considers very unattractive to shareholders given the inherent uncertainty and complexity, and the significant execution risks,' reads an Anglo note, circulated on Monday 13, a few hours after Bhp had revealed it had unsuccessfully returned to the bidding process.

The further rejection is actually not surprising: the only concession on Bhp's part was to open the purse strings a little more, but still through a share swap, without offering cash. And above all, the acquisition remains conditional on the prior demerger of the South African subsidiaries Amplats and Kumba Iron Ore, which are active in platinum and iron ore: a demand that Anglo had immediately made it clear that it considered unacceptable, because it would penalise its shareholders.

There is a considerable amount of money on the table, which would make a possible takeover the richest in history for the mining sector. In these terms, however, Bhp's new proposal seems to be a shot fired with blanks: not so much to hit the target as to hasten a reaction from the prey and perhaps even to force other hunters - if any - to come out of the woodwork.

Out of metaphor, there are several mining groups about which there are rumours of an interest in Anglo or perhaps, more likely, in some of its assets: the most frequently mentioned are Glencore and Rio Tinto, but they are in no hurry to come forward and at this stage are probably waiting for a more definite picture of the situation.