LONDON (AP) — U.K.-based mining giant Anglo American has rejected a 31 billion pound ($39 billion) takeover offer from BHP Group, saying it significantly undervalues the company and its growth potential. Anglo said Friday that its board unanimously rejected the “unsolicited” and “highly conditional” bid from BHP, which was announced a day earlier. The deal would create the world’s largest copper miner, with around 10% of global output — a hugely lucrative market as the world transitions to clean
Asset managers have seen money leave their funds as high interest rates boost the appeal of safe-haven assets like cash. But assets under management, which determines the fees managers charge, have still grown due to an increase in the value of investments. At the end of the quarter, T Rowe's AUM was $1.54 trillion, 15% higher than last year, despite $8 billion of net outflows.
While analysts had expected a profit of C$2.03 per share, the Calgary-based company said its net profit stood at C$1.2 billion, or C$2.23 per share in the quarter ended March 31. The company reported refinery throughput volumes of 407,000 bpd, which fell from 417,000 bpd in the same reporting period last year and was lower than the 415,000 bpd estimated by analysts, according to LSEG, due to maintenance activities.
Stellar earnings from the 'Magnificent Seven' duo have reignited optimism for a rally, but the PCE inflation print could put a spoke in the wheel.
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