(Reuters) -Mining group BHP Group has made a renewed takeover approach to rival Anglo American, Bloomberg News reported on Sunday. BHP has made overtures to Anglo American in recent days, the report
BHP Ceases Merger Negotiations with Anglo American
(Reuters) -BHP Group said on Monday it is no longer pursuing a potential combination with Anglo American after preliminary discussions with the rival miner's board.
BHP had made a renewed takeover bid for Anglo American, a source familiar with the matter told Reuters on Sunday, just months after the London-listed company announced merger plans with Canada's Teck Resources to create a global copper-focused heavyweight.
Anglo American declined to comment on Sunday.
Anglo American's market capitalisation is about $41.80 billion, while BHP's is around $132.18 billion, based on LSEG data.
In September, Anglo American revealed plans to merge with Teck in an all-share transaction, marking the sector's second-biggest M&A deal ever.
In May 2024, BHP scrapped a $49 billion bid for Anglo that would have boosted the Australian miner's holdings of copper, the metal seen as essential for the transition to greener energy.
If the BHP/Anglo deal had gone ahead, the combined entity would have been the world's largest copper producer, with a total annual production of around 1.9 million metric tons.
The new Anglo Teck group is expected to have a combined annual copper production capacity of about 1.2 million tons, still second to BHP.
(Reporting by Anousha Sakoui, Clara Denina, Melanie Burton, and Gursimran Kaur; Additional reporting to Nilutpal Timsina; Editing by Jane Merriman and Richard Chang)
