Anglo American Canada Plant Female Technician LR-min

After submitting three revised offers, BHP gave up on buying Anglo American. “BHP will not be making a firm offer on Anglo American,” BHP CEO Mike Henry said in a statement, in which the company said it was disappointed that Anglo’s board decided not to continue talks.

Anglo rejected BHP’s request for extra time to prepare a new takeover bid.

Anglo said BHP failed to respond to the board’s concerns about the risk associated with the structure of the bid, which included plans to spin off Kumba Iron Ore and Anglo American Platinum. Both of which operate in South Africa.

“Despite our efforts to engage constructively and our numerous requests, Anglo American did not provide the key information needed to improve the offer,” Henry said.

The Anglo takeover would have further strengthened BHP’s position as the leading copper producer.

 

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