Australian mining giant BHP drops Anglo American takeover bid

BHP said it was no longer pursuing a merger with British rival Anglo American that would have created the world’s largest copper miner. (BHP pic)

SYDNEY: Australian resources giant BHP said Monday it had dropped a reported bid to take over British rival Anglo American that would have created the world’s largest copper miner.

“BHP Group confirms that it is no longer considering a combination of the two companies,” the firm said in a statement on the Australian Securities Exchange website.

Bloomberg News reported on Sunday that BHP, the world’s largest mining company, had approached Anglo with a bid in an attempt to disrupt a takeover by Canadian peer Teck Resources.

But Anglo reportedly knocked back the offer.

BHP “continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders,” the firm said.

Copper demand has exploded in recent years, with the metal needed for solar panels, wind turbines, electric-vehicle batteries and consumer electronics.

It is also used in military hardware, including aircraft, while there is growing demand linked to the boom in artificial intelligence and data centres.