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London, UK--Mining giant Anglo American is planning to break up its business after rejecting a $42.7 billion bid from rival BHP, the BBC reports.

The company said it will sell or “demerge” major parts of its business including its De Beers diamond operation and its platinum division.

BHP had proposed selling off De Beers as part of its bid. Anglo American said that it would sell-off or demerge the diamond business, in which the Botswanan government owns a 15% stake.

De Beers was founded in 1888 by British imperialist Cecil Rhodes.

In recent years, campaigners lobbied to have a statue of him at an Oxford University college removed. They said the businessman, who had also been a politician in southern Africa, represented white supremacy and was steeped in colonialism and racism.

In the end, Oriel College said it would not take down the statue because of costs and complex planning processes, the BBC reports.

De Beers said that “although Rhodes is a part of our early history, he does not represent the company we are today,” the BBC reports.

Anglo American said the “radical changes” will allow it to focus on key areas such as copper, premium iron ore and crop nutrients.

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