BHP Abandons Latest Effort to Buy Anglo American

BHP Group has walked away from its latest attempt to acquire Anglo American, the owner of De Beers, the Australian miner announced Monday following the previous day’s reports of negotiations.

“Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy,” the Melbourne-based company said.

BHP tried to acquire Anglo American last year. The latter ended up announcing a merger with Canada’s Teck Resources, on which shareholders of both parties are due to vote on December 9. Anglo American still wants to offload De Beers and has said the post-merger entity would maintain this strategy.

Image: BHP Group offices in Perth, Australia. (Shutterstock)