Posted on 25 Nov 2025
Global miner BHP has confirmed it is no longer considering a combination with miner Anglo American, effectively ending weeks of speculation regarding a potential mega-merger in the mining sector, Kallanish notes.
Following preliminary discussions with Anglo American’s board, BHP has issued a statement invoking Rule 2.8 of the UK Takeover Code. This legal move effectively bars BHP from making a hostile bid or renewing its offer for Anglo American for the next six months.
"Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy," BHP says.
The withdrawal concludes a high-profile pursuit during which BHP submitted three unsolicited offers, the latest valuing Anglo American at approximately $49 billion. Anglo’s board rejected the proposals, citing the complexity and execution risk of BHP's requirement to first demerge Anglo’s South African platinum and iron ore assets.
Source:Kallanish
