BHP walks away from $49 billion takeover offer for Anglo American

By Thomson Reuters May 29, 2024 | 10:36 AM

(Reuters) – BHP Group said on Wednesday it did not intend to make a formal offer for Anglo American, walking away from its $49 billion takeover deal, after the London-listed rival refused to extend the bid deadline.

“We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost,” BHP said in a statement, adding that it did not get “key information” from Anglo to address these risks.

Anglo rejected BHP’s last-ditch request for more time to discuss a takeover offer, dismissing it as highly complex, after the miner had granted BHP a one-week extension to its original May 22 deadline to submit a binding offer.

(Reporting by Yadarisa Shabong and Pushkala Aripaka in Bengaluru; Editing by Shinjini Ganguli)