BHP is no longer pursuing Anglo American

BHP has decided to walk away from a potential merger with Anglo American, saying on Monday that early talks between the two companies did not lead to an agreement.

The company maintains that a tie-up would have made strategic sense and created value, but says it is confident it can continue growing through its own strategy.

This isn’t the first time BHP has tried. Last year, it made a $50 billion offer, arguing that combining the companies’ copper mines would unlock major long-term value. Anglo rejected the proposal and pushed forward with its own restructuring, including plans to sell its South African platinum business.

Analysts note that BHP likely revisited the deal because major mining assets rarely come to market, though repeated bids risked creating uncertainty.

The withdrawal comes just weeks before Anglo and Teck Resources shareholders vote on a separate $60 billion merger aimed at building a global copper powerhouse.

Under the UK rules, BHP can’t make another offer for six months unless a third party bids for Anglo. 

Meanwhile, copper demand remains strong due to the growth of electric vehicles and renewable energy.