BHP Group Limited has decided not to proceed with a firm offer to acquire Anglo American PLC, citing an inability to reach an agreement on specific views regarding South African regulatory risks and costs. BHP's CEO, Mike Henry, expressed frustration over the lack of access to key information from Anglo American, which hindered the formulation of measures to address perceived risks. The failed bid, initially valued at $49 billion, has been viewed negatively for BHP's leadership, but shareholders have expressed relief and support for the decision to walk away. Anglo American has dismissed the offer as 'highly complex and unattractive' and is proceeding with a plan to divest its coal and nickel assets. The proposed merger would have created the world's largest copper company, a strategic move given the increasing demand for copper in electric vehicles, data centers, and power lines. Despite the setback, BHP may explore other avenues to expand its copper production. The bid was launched in April, and Anglo's CEO, Duncan Wanblad, must now make good on a dramatic turnaround plan, which includes the unbundling of Amplats.
News24 | Why Anglo shares are holding firm even as BHP takeover ambitions flatline https://t.co/nW3ZNrL4yq
How BHP’s fractious pursuit of Anglo American unravelled https://t.co/OqOWlG7oBj
BHP's failed bid for Anglo American has highlighted the scarcity of copper, a metal crucial to electric vehicles, data centres and power lines in the energy transition https://t.co/KOhEM8Ixdu
BHP Group thought it could buy its way to becoming the world’s top copper producer. Now, it may need to expand or build its own mines to get there, a potentially fraught journey given inflation and other risks. https://t.co/ZWU9tMdd3e https://t.co/ZWU9tMdd3e
Days after miner BHP launched its takeover bid for rival Anglo American in April, the CEOs of both headed for South Africa, where a condition to divest Anglo's local platinum and iron ore assets was causing a political storm. https://t.co/T08XXIlo8s
Anglo CEO Duncan Wanblad must now make good on a dramatic turnaround plan after turning down a $49 billion takeover proposal https://t.co/9Lj8Qmud4p
Anglo starts formal divestment of coal, nickel after rebuffing BHP, CEO says https://t.co/MzCoTaECAf
Heard on the Street: BHP-Anglo deal is off—the mining land grab is still on https://t.co/vXJmUJWihA
Anglo American, which has dismissed BHP’s offer as ‘highly complex and unattractive’, has proposed an alternative plan to break itself up, which includes spinning off two of its South African businesses https://t.co/Ovm463d6ME https://t.co/TfjMXXM3jX
Investors relieved BHP walked from $49 billion Anglo takeover deal https://t.co/qVhsJiFeAA
BHP Shareholders Back Decision to Walk Away From Anglo Bid Shareholders, analysts sanguine after miner’s approach falters A tie-up would have created the world’s largest copper company https://t.co/WF5Plg9PTH
The World’s Top Miner Abandoned Its Proposed Megadeal. Here’s What Could Be Next for BHP https://t.co/DIjD5aRxA8
BHP investors support decision to walk away from Anglo deal https://t.co/3eFta829xu
Unable to press his target to the negotiating table, BHP Group boss Mike Henry on Wednesday walked away from a bold bid to buy smaller rival Anglo, cheering investors eager to see proof the miner will not pursue deals at any cost https://t.co/jAX54Dq2pX
Anglo American forced BHP's hand to abandon a takeover bid, but the Australian giant may yet make a comeback once the Amplats unbundling has started, an analyst says. https://t.co/TfLC7LDEYt
BHP shareholders still hopeful of Anglo deal despite rebuff https://t.co/MpPsZrHQpA
Breakingviews - Failed Anglo bid is net negative for BHP CEO https://t.co/wtRJrStzz9 https://t.co/wtRJrStzz9
From Breakingviews - Breakingviews - Failed Anglo bid is net negative for BHP CEO https://t.co/B2lzbziWQV https://t.co/B2lzbziWQV
"...and, despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive," BHP ceo Mike Henry says
⚠️BHP GROUP LIMITED ANGLO AMERICAN PLC - STATEMENT REGARDING PROPOSAL FOR ANGLO AMERICAN **DOES NOT INTEND TO MAKE A FIRM OFFER FOR ANGLO AMERICAN PLC **UNABLE TO REACH AGREEMENT WITH ANGLO AMERICAN ON OUR SPECIFIC VIEWS IN RESPECT OF SOUTH AFRICAN REGULATORY RISK AND COST **…
You might remember us posting a news article on 25th May 2024 about $BHP and $AAL.L where we said BlackRock $BLK et al. seemed to have an overly and suspiciously vested interest in the $BHP bid for Anglo American. We also said we did not believe this likely to go ahead. Well ...… https://t.co/rl5cdFDOJ9
Interesting shift as #oil is in ample supply while AI, data centers, super computers and EVs all need different raw materials-#copper, #silver, .#uranium,etc-which are in short supply.