Miner Anglo American rejects Xstrata merger bid

LONDON: London-based mining group Anglo American rejected a merger bid by its Swiss rival Xstrata, calling the terms of the proposed deal "totally unacceptable," in a statement issued on Monday.

"The strategic case for the combination is unattractive for Anglo American shareholders," Anglo American said in a statement. "Irrespective of this lack of strategic merit, the terms proposed by Xstrata were totally unacceptable."