Anglo American rejects BHP’s third takeover offer of £38.6bn

Australian firm says 31.11 a share is its final offer, but FTSE 100 miner agrees to enter talks with larger rival

Anglo American has rebuffed a third takeover attempt by BHP after the Australian company sweetened its offer in an attempt to create a global mining titan.

BHP said it had submitted an increased and final" bid of 31.11 a share for Anglo, which values the FTSE 100 company at 38.6bn, earlier this week.