BHP Loses 'The Last Throw Of The Dice,' On Anglo American Acquisition - BHP Group (NYSE:BHP)

Core Viewpoint - BHP has officially abandoned its attempt to acquire Anglo American, focusing instead on its $53 billion merger with Teck Resources, which is set for a shareholder vote soon [1][4]. Group 1: BHP's Acquisition Attempt - BHP had re-engaged with Anglo American's management with a simplified proposal, avoiding the contentious breakup structure from a previous $49 billion bid [2]. - The motivation behind BHP's interest was Anglo's copper assets in South America, which are highly regarded in the industry, especially with increasing copper demand due to the energy transition [5]. - BHP's withdrawal from the acquisition attempt may eliminate uncertainties for shareholders ahead of the upcoming vote on the Teck merger [7]. Group 2: Industry Context - Anglo's pending merger with Teck, valued at $53 billion, aims to consolidate major copper pipelines and create a company that could rival the output of the Escondida mine in Chile, marking it as the second-largest mining deal ever [6]. - The merger's approval will require scrutiny under the Investment Canada Act, which will influence domestic job commitments and the future headquarters of the combined entity [7]. Group 3: Market Reaction - Following the news, BHP shares experienced a decline of 0.62%, trading at $52.75 in premarket [8].