BHP Abandons $49 Billion Takeover Bid for Anglo American After Deadline Rejection

May 29, 2024, 11:10 AM

BHP Group has abandoned its $49 billion takeover bid for Anglo American after the latter rejected a request for more time to finalize the deal. The world's largest miner had been seeking an extension to the Wednesday 5 p.m. London time deadline to address Anglo American's concerns over South African regulatory risks and costs associated with the proposed structure. Despite five weeks of negotiations, BHP was unable to reach an agreement, leading to the collapse of what would have been the largest mining deal in over a decade. Anglo American's board unanimously rejected BHP's third proposal, advising shareholders to take no action and stating that BHP had not sufficiently addressed their concerns. BHP must now wait six months before making another bid.