BHP seeks more time over $49 billion offer for Anglo American By Reuters

MELBOURNE (Reuters) -BHP Group on Wednesday said it needed more time to engage with Anglo American (JO:), a week after the London-listed miner rejected BHP’s 38.6 billion pounds ($49.20 billion) offer ahead of a final bid deadline later in the day.

In a statement to Australia’s securities exchange, BHP outlined commitments to reduce regulatory risk in South Africa blocking the deal.

It said it was sure it had quantified and managed risk surrounding the deal and that it would offer a break fee to Anglo American if the deal was blocked due to anti-trust reasons or failed to gain regulatory approvals.

Those commitments included job security for employees in South Africa. BHP also said it would shoulder the costs of increased South African employee ownership that is expected to be required in any demerger.

($1 = 0.7845 pounds)