BHP Drops Pursuit of Anglo American After Fresh Approach Report

Overview

• BHP said it is no longer considering a merger with Anglo American, confirming the decision in a notice on the Australian Securities Exchange.
• The announcement followed reports over the weekend that BHP had made a renewed approach to Anglo; both companies had declined to comment on those reports.
• BHP previously launched a roughly $49 billion bid for Anglo last year and withdrew after a five‑week public battle.
• Anglo agreed in September to acquire Teck Resources in an all‑share deal that still requires shareholder approval on December 9 and regulatory clearances in multiple jurisdictions.
• A UK court recently found BHP partially culpable for the 2015 Mariana disaster, creating potential for significant liabilities.