BHP Group Ltd. announced that it has withdrawn its final bid for Anglo American PLC, ending a series of takeover attempts that began in 2024. The decision followed a brief “last‑ditch” proposal that was submitted over the weekend of November 22‑23 and rejected by Anglo’s board before BHP made the public announcement on November 24.
The withdrawal clears the way for Anglo’s pending merger with Canada’s Teck Resources, a deal that will create a copper‑heavy powerhouse. Anglo’s first‑half 2025 revenue fell 7 % to $8.95 billion, and underlying EBITDA dropped 20 % to $2.96 billion, largely due to weaker copper output and a decline at De Beers. Teck reported Q3 2025 revenue of $3.39 billion, up 18.4 % YoY, and a net profit of $281 million, underscoring the financial strength of the combined entity.
BHP’s pivot to organic growth centers on its copper and potash pipelines. The Jansen Potash Project in Saskatchewan is 44 % complete, but first production has been pushed back to mid‑2027 and capital costs have risen to $7.0‑$7.4 billion. Meanwhile, BHP’s Olympic Dam operation in South Australia produced 1.5 million tonnes of copper in the nine‑month period ending March 31 2025, and the company plans to lift refined copper cathode output to 500,000 tpa by the early 2030s, with a potential expansion to 650,000 tpa by the mid‑2030s.
The market reacted modestly to BHP’s withdrawal, with the company’s shares rising 0.62 % on the day of the announcement. Analysts noted that investors view the move as a relief from the uncertainty and integration risk associated with a large acquisition, and they see BHP’s focus on high‑margin copper and potash projects as a more sustainable growth path. In contrast, Anglo’s merger with Teck triggered a 10 % jump in Anglo’s shares and a 10.4 % rise in Teck’s U.S.‑listed shares, reflecting investor enthusiasm for the combined copper‑heavy portfolio.
BHP’s general counsel Stefanie Wilkinson said the company remains confident in the value of its own growth strategy, while CEO Mike Henry expressed disappointment that the board could not agree on a deal that would address South African regulatory and cost concerns. Anglo’s board rejected BHP’s proposal because it did not meet the value expectations set by the Teck merger, which Anglo views as a superior strategic fit. The decision underscores the importance of copper in the energy transition and highlights the competitive dynamics among the world’s largest mining firms.
The withdrawal signals a strategic recalibration for BHP, reinforcing its commitment to expanding its copper and potash operations rather than pursuing a complex acquisition. It also removes a potential obstacle for Anglo’s merger with Teck, allowing Anglo to focus on creating a more focused, high‑margin business that can better navigate the volatile commodity markets.
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