Anglo American made a formal bid on Monday of a £405m (R7.6bn) cash offer for the whole of London-listed Sirius Minerals, a miner building a polyhalite operation in the UK to provide fertiliser feedstock to the global market.

Anglo is offering 5.5 pence per share, which is a 62% premium over the volume-weighted average price over the previous three months of 3.4p.

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