BHP Group is no longer pursuing a merger with Anglo American Plc after initial discussions.
The company confirmed “that it is no longer considering a combination of the two companies”.
BHP said that while a merger between the two companies would have “strong strategic merits” and created value for its shareholders, the company is confident in its “own organic growth strategy”.
The statement comes after renewed merger talks between the two companies. Bloomberg News reported on November 23 that BHP had made a fresh takeover proposal for the U.K.-based miner.
BHP had tried to acquire Anglo American for US$49 billion in 2024, before eventually dropping the suit after disagreements over regulatory risks in South Africa.
Anglo American rejected the offer, sources told the publication, having decided that a merger with Canada’s Teck Resources was the superior deal.
Anglo American agreed in September to acquire Teck Resources, a merger that is expected to create a top five global copper producer. The transaction is expected to close in 12 to 18 months.
Under the UK takeover code, BHP is now prohibited from making a bid for Anglo American for six months.
