BHP’s $60 Billion Takeover Bid for Mining Rival Anglo American Rejected

The proposal, if implemented, would position BHP as the world’s largest copper producer.

The company logo adorns the side of the BHP gobal headquarters in Melbourne, Australia on Feb. 21, 2023. William West/AFP via Getty Images

Anglo American’s board unanimously rejected BHP’s £31.1 billion (A$59.5 billion) all-share offer, citing that the proposal is “opportunistic and fails to value Anglo American’s prospects.”

BHP’s unsolicited, non-binding, and highly conditional combination offer requires Anglo American to complete two separate demergers of its entire shareholdings in subsidaries Anglo American Platinum and Kumba Iron Ore to Anglo American shareholders.