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MELBOURNE - BHP Group Ltd (BHP) announced Monday it is no longer considering a combination with Anglo American plc following preliminary discussions between the two mining giants.
In a statement released under Rule 2.8 of the UK City Code on Takeovers and Mergers, BHP confirmed it has ended pursuit of the potential transaction. While the company maintained that a combination "would have had strong strategic merits and created significant value for all stakeholders," it expressed confidence in its own organic growth strategy.
As is standard in such announcements, BHP reserved the right to revisit a potential offer under specific circumstances, including if Anglo American’s board agrees to set aside the statement, if a third party announces a firm intention to make an offer for Anglo American, or if there is a material change in circumstances as determined by the UK Panel on Takeovers and Mergers.
The announcement follows what BHP described as "preliminary discussions" with Anglo American’s board, though no details were provided regarding the nature or timeline of these discussions.
BHP, headquartered in Australia, is one of the world’s largest mining companies with operations spanning multiple continents and commodities. Anglo American is a global mining company with operations primarily in diamonds, platinum, and copper.
The statement was authorized for release by Stefanie Wilkinson, BHP’s Group General Counsel and Group Company Secretary, according to the press release.
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