BHP Renews Bid to Acquire Anglo American

Mining company BHP Group has made a renewed takeover approach to rival Anglo American, just months after the London-listed miner agreed to merger plans with Canada’s Teck Resources to create a global copper-focused heavyweight, Anoushka Sakoui, Clara Denina, Melanie Burton, and Gursimran Kaur reported for Reuters.

The deal came just over a year after BHP scrapped a $49 billion bid for Anglo. (Photo: BHP Facebook)

BHP has made overtures to Anglo American in recent days, Bloomberg News reported, citing people familiar with the matter, adding that deliberations are ongoing and there is no certainty of a deal.

Anglo American’s market capitalization is about $41.8 billion, while BHP’s is around $132.18 billion, based on LSEG data. In September, Anglo American agreed to merge with Teck in an all-share deal, marking the sector’s second-biggest M&A transaction ever.

The deal came just over a year after BHP scrapped a $49 billion bid for Anglo, a move that would have boosted its copper holdings — a metal seen as essential for the transition to greener energy.

Had the deal gone ahead, the combined entity would have become the world’s largest copper producer, with annual production of around 1.9 million metric tons. The new Anglo-Teck group is expected to have a combined annual copper production capacity of approximately 1.2 million tons, still second to BHP.