BHP Reportedly Offered About £40bn in Aborted Anglo American Approach

BHP Group is reported to have made an offer of roughly £40 billion for Anglo American before withdrawing the approach, according to market reports. The disclosed details, first reported by Yahoo Finance and attributed to people familiar with the matter, paint a picture of a sizable takeover attempt that ultimately did not proceed.

If confirmed, the bid would have been one of the more significant takeover moves in the global mining sector, combining two diversified miners with assets across iron ore, copper, diamonds and bulk commodities. Observers say such a transaction would have required complex regulatory clearances across multiple jurisdictions and careful navigation of Anglo American’s portfolio and shareholder base.

Sources cited in the initial reports suggested a mix of strategic and practical hurdles likely influenced the decision to pull back. Large cross-border deals in mining frequently confront antitrust scrutiny, national security concerns tied to critical minerals, and political sensitivities in producing countries. In addition, potential resistance from Anglo American shareholders or board-level negotiations over valuation and asset carve-outs can complicate negotiations.

Analysts noted that consolidation can deliver scale and cost synergies but also raises integration risks, particularly where portfolios include assets with different geographic and commodity exposures. For BHP, an acquisition of Anglo American would have represented a dramatic repositioning in certain metals and geographies; for Anglo, being approached by a larger peer can prompt alternative strategic reviews or defensive measures.

Market reaction following the reports was measured, with commentary focusing on the broader implications for M&A appetite in the mining sector rather than immediate share-price moves. The aborted approach underscores how difficult it is to execute transformational deals in highly regulated and politically sensitive industries.

Both companies have historically been cautious about public commentary on takeover speculation; any formal approach or offer would typically trigger regulatory filings and shareholder disclosures. For now, the story remains at the reporting stage, and investors and industry watchers will be closely monitoring for confirmations, official statements or further developments.