U.K.-based mining giant Anglo American has said no to a takeover offer from BHP Group worth a whopping 31 billion pounds ($39 billion). Anglo American thinks the offer doesn’t reflect its true value and growth potential.

Anglo American’s board didn’t like BHP’s offer, which was made public on Thursday. They think it’s not fair and doesn’t recognize the bright future of Anglo American.

On Thursday, Anglo American’s shares shot up by 16% to 25.60 pounds in London trading.

BHP believes that if they merge with Anglo American, they could become the biggest copper miner globally. This is because there’s a growing demand for copper due to the rise in clean energy technology like electric vehicles.

Copper is used in many things like electric cars, batteries, and charging stations. So, with this merger, BHP could produce more copper to meet the demand.

Apart from copper, the merger would also give BHP more potash, a type of fertilizer, and coking coal, which is used in making steel.

This deal shows how companies are trying to adapt to the changing energy landscape and the increasing demand for clean energy products.

Anglo American’s rejection of the offer means they believe they’re worth more than what BHP offered. It’s like saying, “Thanks, but no thanks!”

It’s also a sign that Anglo American is confident in its future growth and doesn’t want to sell itself short.

BHP might come back with a better offer in the future, or Anglo American might decide to explore other options to grow their business.

This news has caught the attention of investors and industry experts, who are eager to see what happens next in the mining world.

Both companies will now have to think about their next steps carefully, considering the potential impact on their businesses and the mining industry as a whole.

In the meantime, shareholders of both companies will be watching closely to see how this situation unfolds and how it might affect their investments.