BHP Shifts Focus After Rejected Anglo American Takeover Bid
BHP has turned its attention to new growth prospects after Anglo American shareholders rejected its $49-billion takeover proposal earlier this year, the company’s Chairperson Ken MacKenzie confirmed on Wednesday.
In May, BHP withdrew from its acquisition bid for Anglo after three failed attempts. With a six-month restriction on reapproaching Anglo soon to expire, there had been speculation that BHP might revisit the offer.
“We saw a unique opportunity for synergy with Anglo American—an idea where one plus one equals three,” MacKenzie remarked at BHP’s annual meeting. “However, Anglo’s shareholders favored the company’s independent strategy. They’ve moved on, and so have we.”
Highlighting BHP’s shift in focus, MacKenzie pointed to a recent $3.25 billion investment with Canada-listed Lundin Mining in July. The joint acquisition of developer Filo Corp is intended to bolster BHP’s copper assets in South America, underscoring its commitment to growth in other key markets.
