Anglo American plc (LSE:AAL) is looking to launch a takeover bid for Sirius Minerals Plc (LSE:SXX). Anglo American is in advanced discussions with Sirius to acquire the business at 5.5 pence per share. The proposal would value the entire issued share capital of Sirius at approximately £386 million.

The board of Sirius has indicated to Anglo American that it expects to be able to recommend a firm offer for Sirius if it's made by Anglo American at the price set out.