BHP abandoned its final attempt to acquire Anglo American, a move that would significantly strengthen its dominance in copper, just two weeks before Anglo and Teck Resources’ critical shareholder vote on the $60 billion merger, according to a Reuters report. The company announced the decision through the Australian stock exchange, noting that, despite the “strong strategic advantages” a deal would offer, it maintains confidence in its own investment plans.
According to a source close to the talks, cited by Reuters, BHP submitted a new proposal over the weekend, which was however rejected by Anglo. The failed approach is part of the broader industry trend for consolidation, as the energy transition increases demand for critical metals like copper.
BHP considered Anglo a critical lever for maintaining its leading position in copper, ahead of the impending creation of Anglo Teck, a new colossus with major development projects in Chile and Peru.
Under UK regulations, BHP cannot return with a new proposal for six months.
