BHP Group has dropped its 38.6 billion pound or $49.3 billion bid for Anglo American.
FILE - Mining giant BHP Billiton logo sits on the outside of their head office in Melbourne, Australia, Thursday, Nov. 27, 2008. Australian mining giant BHP Group on Wednesday, May 29, 2024, pledged to invest in the South African economy as it seeks support for a 38.6 billion pound bid to acquire Anglo American, which was founded in the country more than a century ago and remains one of its biggest employers. – BHP Group has dropped its 38.
London-based Anglo American repeatedly rebuffed BHPs bid, saying the structure of the deal created too much risk for Anglo shareholders. The proposal would have required Anglo American to spin off two South African units, Anglo American Platinum and Kumba Iron Ore, as BHP sought to focus on copper, coking coal used in steel production and potash, a widely used fertilizer.
But those assurances, announced on Wednesday morning in London, failed to win over Anglo American’s board.
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