Reference News Network, November 25 report - According to AFP, November 24 report, Australian mining giant BHP announced on Monday that it has abandoned its plan to acquire its British competitor Anglo American. The deal would have created the world's largest copper mining group.
In a statement posted on the Australian Securities Exchange website, BHP said: "BHP Group confirms that it will no longer consider the merger of the two companies."
Bloomberg News recently reported that the world's largest mining company, BHP, had made an acquisition offer to Anglo American in an attempt to block its Canadian rival Teck Resources' acquisition plan. However, Anglo American is reportedly rejected the proposal.
BHP stated, "Still believe that the merger with Anglo American can bring strong strategic advantages and create significant value for all stakeholders," while also being confident in "the potential of its organic growth strategy."
When asked about this matter, Anglo American referred AFP to BHP's statement. This was the second attempt by the latter in two years. In 2024, this Australian giant withdrew its $49 billion acquisition offer due to differences over "regulatory risks and costs" in South Africa. BHP had hoped to divest Anglo American's platinum assets, but the idea was opposed by local authorities.
As for copper, its demand has surged in recent years. This metal is essential for manufacturing solar panels, wind turbines, electric vehicle batteries, and consumer electronics. It is also used in military equipment, especially aircraft, and demand related to the rise of artificial intelligence and data centers is growing rapidly. In October, copper prices hit a record high. (Translated by Lin Xiaoxuan)
Original: https://www.toutiao.com/article/7576577612621840902/
Statement: The article represents the views of the author. Please express your opinion by clicking the [upvote/downvote] button below.