News
30 May 2024
by Hassan Akhtar AIMMM

BHP pulls out of Anglo American merger

BHP confirms it does not intend to make a firm offer for Anglo American plc.

 

© Shutterstock/Elena Abrazhevich

BHP had made an initial bid on 25 April 2024, which commenced an ‘offer period’ until 22 May 2024. BHP's revised proposal was rejected by the Board of Anglo American on 22 May 2024.

The deal faced problems over South African regulatory approvals. Mike Henry, the CEO of BHP, confirmed this, saying, ‘We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost’.

After the initial proposal was rejected, Anglo American announced major structural changes after they claimed the proposal 'continues to significantly undervalue Anglo American and its future prospects'.

Related topics

Mining Business & management

Authors

Hassan Akhtar AIMMM

Return to listing