Anglo American earlier refused to extend the UK deadline.
BHP Group won’t make a firm offer for Anglo American before Wednesday’s deadline, walking away for now from what would have been the biggest mining deal in over a decade.
A successful takeover would have created a commodities powerhouse that towered over its closest rivals, significantly increasing BHP’s copper production at a time when miners and their investors are positioning for a prolonged period of tight metal supply and rising prices. BHP first approached Anglo with a proposal in mid-April for the smaller company to spin off its majority stakes in two listed South African miners before an all-share acquisition of the rest of the group. Anglo rejected the offer and instead rushed out a plan to overhaul its business by exiting diamonds, platinum and coal, while slowing spending on a massive UK fertiliser project.
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