BHP ends pursuit of Anglo for now, FT reports

BHP Group (ASX: BHP) is opting not to make another run at acquiring rival miner Anglo American plc (LON: AAL) in the near term, the Financial Times reported on Saturday, citing sources close to the situation.According to the FT sources, the deal has become “too expensive” for BHP to pursue given the rise in Anglo American’s stock price in recent months.Over the past 12 months, Anglo’s London-listed shares have gained nearly 40%, while BHP’s have fallen by over 16%. At the time of BHP’s initial bid, Anglo was trading at about £21.00, and now, its stock has risen above £25.00.The increase in value coincides with the British miner’s proposed restructuring of its mining business, which includes the sale of its coal, diamond and platinum assets, after it fought off BHP’s takeover attempt. The coal assets were successfully sold first in a $3.8 billion deal with Peabody (NYSE: BTU) in November.On BHP’s side, chairman Ken MacKenzie previously stated at its annual meeting that his company had “moved on” from a deal that he believes “came within the window of opportunity” and “made sense” for the mining business.However, the world’s largest miner later clarified those comments to say that it does not mean another bid won’t be presented within UK laws.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com