• BHP confirms it has permanently withdrawn its pursuit of Anglo American after reports of a last-minute offer.
• Anglo American advances its $53 billion merger with Teck Resources, which would create one of the world’s top five copper producers.
• Anglo continues to restructure after rejecting BHP’s proposals, including a planned spin-off of De Beers amid pressure from Botswana.

BHP attempted three failed bids in 2024 to merge with Anglo American. Anglo, headquartered in London, later announced a merger agreement with Canada’s Teck Resources to form one of the world’s five largest copper producers.

BHP on Monday, November 24, said it has decided to permanently withdraw from a merger with Anglo American. The announcement followed media reports indicating that the miner had submitted another bid for Anglo, which is currently preparing its merger with Teck Resources.

“Although BHP continues to believe that a merger with Anglo American would have presented strong strategic benefits and created significant value for all stakeholders, BHP remains confident in the highly promising potential of its own organic growth strategy,” the group said in a statement.

BHP submitted three unsuccessful takeover offers in 2024, including a final proposal valued at $49 billion. In each bid, BHP demanded that Anglo divest its platinum and iron ore assets, a condition the board rejected. After the collapse of the negotiations, Anglo initiated a restructuring plan that included divesting its South African platinum division and its coal operations.

Anglo retained its iron ore subsidiary, Kumba Iron Ore, which operates mainly in South Africa. Neither the value nor the specific terms of BHP’s latest offer were disclosed. It also remains unclear whether BHP maintained its earlier requirement that Anglo sell select operations.

Anglo’s merger with Teck, which aims to create a mining group valued at $53 billion and positioned among the top five global copper producers, still requires approval from both companies’ shareholders during a vote scheduled for December 9. Regulatory authorizations in several jurisdictions will follow.

The merger advances while Anglo continues its post-BHP restructuring. The company still must finalize the spin-off of its diamond division, De Beers, which will become an independent entity.

The process remains complex due to the depressed global diamond market and the political interests of Botswana, which seeks to increase control over its key partner in the diamond industry. Botswana holds a 15% stake in De Beers and has historically ranked as the world’s top producer by value. Angola, which surpassed Botswana last year as Africa’s leading diamond producer by value—but not by volume—also watches the spin-off closely.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum