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BHP officially walks away from Anglo American takeover
(Sharecast News) - Mining titan BHP has confirmed it is no longer pursuing a takeover of Anglo American that had threatened to wreck the latter's $57bn merger with Teck Resources. BHP said a potential tie-up with Anglo, which would have created the world's largest copper producer, still was attractive, but stated that it was no longer considering a combination.
"Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy," the company said in a statement on Monday.
Speculation of renewed interest had risen in recent days, according to reports, ahead of a shareholder vote on Anglo and Teck's proposed merger scheduled for 9 December.
BHP had walked away from a previous approach in May 2024 after Anglo's board rejected three proposals from the larger group, calling its offers "highly complex" with an "unattractive structure".
The failed takeover then prompted a large-scale restructuring of Anglo's business model, de-merging or selling off its coal, nickel and platinum arms, with efforts to divest its diamonds business still ongoing.
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