BHP abandons US$49B bid for Anglo

Agustín de Vicente / Mayo 31, 2024 | 03:37
A core part of BHP’s plan was splitting off Anglo’s platinum holdings in South Africa, a politically sensitive move that stirred government opposition ahead of the country’s general election.

BHP Group (ASX:BHP) has decided not to pursue a formal offer for Anglo American, terminating its US$49 billion ($74 billion) takeover attempt. The decision comes after Anglo American refused to extend the bid deadline.

"We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost," BHP said in a statement.

The company further explained that it did not receive "key information" from Anglo necessary to address the concerns. Anglo American rejected BHP's last-minute request for additional time to discuss the potential takeover, citing the complexity of the proposal. The refusal followed a one-week extension granted by Anglo to BHP, pushing the original May 22 deadline for a binding offer submission.


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