Australian mining giant BHP drops Anglo American takeover bid / Photo: - - AFP/File
-
Kenya's economy faces climate change risks: World Bank
-
Sri Lanka issues fresh landslide warnings as toll nears 500
-
Stocks, dollar rise before key US inflation data
-
After wins abroad, Syria leader must gain trust at home
-
Markets rise ahead of US data, expected Fed rate cut
-
German factory orders rise more than expected
-
Flooding kills two as Vietnam hit by dozens of landslides
-
Italy to open Europe's first marine sanctuary for dolphins
-
Hong Kong university suspends student union after calls for fire justice
-
Asian markets rise ahead of US data, expected Fed rate cut
-
Georgia's street dogs stir affection, fear, national debate
-
Pandas and ping-pong: Macron ending China visit on lighter note
-
TikTok to comply with 'upsetting' Australian under-16 ban
-
Pentagon endorses Australia submarine pact
-
Softbank's Son says super AI could make humans like fish, win Nobel Prize
-
OpenAI strikes deal on US$4.6 bn AI centre in Australia
-
Rains hamper Sri Lanka cleanup after deadly floods
-
Unchecked mining waste taints DR Congo communities
-
Asian markets mixed ahead of US data, expected Fed rate cut
-
French almond makers revive traditions to counter US dominance
-
Aid cuts causing 'tragic' rise in child deaths, Bill Gates tells AFP
-
Abortion in Afghanistan: 'My mother crushed my stomach with a stone'
-
Mixed day for US equities as Japan's Nikkei rallies
-
To counter climate denial, UN scientists must be 'clear' about human role: IPCC chief
-
Facebook 'supreme court' admits 'frustrations' in 5 years of work
-
South Africa says wants equal treatment, after US G20 exclusion
-
One in three French Muslims say suffer discrimination: report
-
Microsoft faces complaint in EU over Israeli surveillance data
-
Milan-Cortina organisers rush to ready venues as Olympic flame arrives in Italy
-
Truth commission urges Finland to rectify Sami injustices
-
Stocks rise eyeing series of US rate cuts
-
Italy sweatshop probe snares more luxury brands
-
EU hits Meta with antitrust probe over WhatsApp AI features
-
Russia's Putin heads to India for defence, trade talks
-
South Africa telecoms giant Vodacom to take control of Kenya's Safaricom
-
Markets mixed as traders struggle to hold Fed cut rally
-
Asian markets mixed as traders struggle to hold Fed cut rally
-
In Turkey, ancient carved faces shed new light on Neolithic society
-
Asian markets stumble as traders struggle to hold Fed cut rally
-
Nintendo launches long-awaited 'Metroid Prime 4' sci-fi blaster
-
Trump scraps Biden's fuel-economy standards, sparking climate outcry
-
US stocks rise as weak jobs data boosts rate cut odds
-
Poor hiring data points to US economic weakness
-
Germany to host 2029 women's Euros
-
Satellite surge threatens space telescopes, astronomers warn
-
Greek govt warns farmers not to escalate subsidy protest
-
EU agrees deal to ban Russian gas by end of 2027
-
Former king's memoirs hits bookstores in Spain
-
German lithium project moves ahead in boost for Europe's EV sector
-
Stock markets mostly rise awaiting US data
NYSE - LSE
Australian mining giant BHP drops Anglo American takeover bid
Australian resources giant BHP said Monday it had dropped a bid to take over British rival Anglo American that would have created the world's largest miner of copper.
Bloomberg News reported on Sunday that BHP, the world's largest mining company, had approached Anglo with a bid in an attempt to disrupt a merger with Canadian peer Teck Resources.
But Anglo knocked back the offer.
"BHP Group confirms that it is no longer considering a combination of the two companies," the firm said in a statement on the Australian Securities Exchange website.
BHP "continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders," the firm said.
"BHP is confident in the highly compelling potential of its own organic growth strategy," it added.
Asked for comment, Anglo referred AFP to the statement from BHP.
The failed bid is BHP's second attempt in as many years to take over Anglo American.
Last year it walked away from a $49 billion offer to buy the firm after disagreements over "regulatory risk and cost" in South Africa, where BHP had sought to split off Anglo's platinum holdings in a politically sensitive move that stirred government opposition.
Copper demand has exploded in recent years, with the metal needed for solar panels, wind turbines, electric-vehicle batteries and consumer electronics.
It is also used in military hardware, including aircraft, and there is growing demand linked to the boom in artificial intelligence and data centres.
Prices of the industrial metal soared to record highs last month.
The new combined group between Anglo and Teck would be worth more than $50 billion according to the companies' current market values.
An agreed deal is expected to complete in 12-18 months, subject to regulatory hurdles, said a joint statement.
Shareholders of Anglo American -- the bigger of the two firms with revenue of more than $27 billion in 2024 -- will own 62.4 percent of the new group and Teck shareholders the remainder.
Teck has said the new group will be "a top five global copper producer".
In August, US group Peabody Energy walked away from a $3.8-billion deal to buy Anglo American's steelmaking coal business.
S.F.Lacroix--CPN