BHP Group → Anglo American
BHP's three all-share proposals for Anglo American in April and May 2024, the last worth about £38.6bn, failed over a structure that made Anglo first hand its South African platinum and iron-ore subsidiaries to its own shareholders — and pushed Anglo into breaking itself up and agreeing a merger with Teck instead.
BHP's third all-share proposal was abandoned in May 2024 after Anglo refused to extend talks over South African regulatory risk.
- Value
- $49.3B
- Announced
- April 2024
- Outcome
- Terminated
- Sector
- Industrials
- Deal type
- acquisition
- Acquirer
- BHP Group (Australia)
- Target
- Anglo American (United Kingdom)
Why it mattered
BHP, the world's largest miner by market value, pitched a group strong in copper, potash, iron ore and metallurgical coal, without Anglo's two listed South African subsidiaries. Its first proposal, made public on 24 April 2024, offered 0.7097 BHP shares per Anglo share, conditional on Anglo distributing its stakes in Anglo American Platinum and Kumba Iron Ore: £25.08 a share, £31.1bn in all. Anglo called it undervalued and "highly unattractive" in structure. A second proposal, at £27.53 a share or about £34bn, was rejected on 13 May; the next day Anglo set out its own plan to demerge platinum, sell or demerge De Beers, divest steelmaking coal and nickel, and keep copper, premium iron ore and crop nutrients.
BHP's "final" ratio on 20 May, 0.8860 shares, was worth £31.11 a share at 22 May prices and about £38.6bn in total. Anglo rejected it on 22 May but extended the takeover-code deadline by a week. Its objection was the structure: two inter-conditional demergers alongside a takeover were, it said, unprecedented, would take 18 months or more and would need further approvals, particularly in South Africa, with the risk falling on Anglo's shareholders. On 29 May BHP withdrew, citing the failure to agree on South African regulatory risk and cost.
What it left behind
Anglo carried out its plan. Platinum was demerged as Valterra Platinum on 31 May 2025; a sale of the coal mines to Peabody collapsed in August 2025 after a mine fire, and they were resold to Dhilmar in May 2026 for up to $3.875bn; the sale of De Beers was still in progress in July 2026. On 9 September 2025 Anglo agreed a merger of equals with Teck Resources to form Anglo Teck, headquartered in Canada with more than 70% copper exposure. BHP came back briefly: on 24 November 2025, after preliminary talks, it said it was no longer considering a combination. Shareholders of both companies approved the Teck merger in December 2025; on 30 July 2026 the companies said completion awaited final regulatory approval, expected between September 2026 and March 2027. A bid that loads its execution risk onto the target's shareholders hands the target's board both its defence and, often, its next strategy.