BHP walks away from $49 billion pursuit of mining rival Anglo

LONDON/JOHANNESBURG/MELBOURNE, May 29 (Reuters) – Mining group BHP Group (BHP.AX), opens new tab on Wednesday walked away from its $49 billion plan to take over rival Anglo American (AAL.L), opens new tab, which rejected a last-ditch request for more time, ending for now its six-week pursuit.

BHP’s aim was to secure Anglo’s prized copper assets in Latin America and increase access to a metal central to the global shift towards clean energy and electric vehicles. But the structure of BHP’s deal, which required Anglo to unbundle its South African platinum and iron ore businesses, was a major reason for its collapse.

Source: REUTER