BHP Abandons Anglo American Takeover Bid Amid Copper Expansion Strategy
BHP Group Limited (BHP) terminated its pursuit of Anglo American PLC (NGLOY), ending a potential deal that WOULD have cemented its dominance in copper markets. The decision comes weeks before Anglo American and Teck Resources (TECK) were set to vote on a merger. BHP shares rose 0.62% in Sydney trading following the announcement.
The failed bid underscores the fierce competition for copper assets as miners position for the energy transition. Anglo American, a major platinum and diamond producer, also holds strategic copper reserves. BHP’s retreat leaves Teck’s merger as Anglo’s primary path forward.
Market watchers note BHP retains exposure to iron ore, coal, and nickel—commodities facing divergent demand trends. The collapse of negotiations may refocus attention on organic growth projects in Chile and Peru.
