The board of the mining group Anglo American rejected a merger offer by rival Xstrata Monday.
In a release, Anglo American said a merger would be unattractive to shareholders and the terms proposed by Xstrata were "totally unacceptable."
On Sunday, Xstrata outlined a plan for a $68 billion merger of equals between the two mining groups.
The Anglo American board concluded a combination with Xstrata would profoundly impact the nature of the company's portfolio by significantly diluting Anglo American’s unique exposure to the structurally attractive platinum, iron ore and diamond markets, although it would increase exposure to nickel and zinc.
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