Australian miner BHP Group has released a statement indicating that it is backing away from a possible takeover with UK-based mining giant Anglo American.
According to Reuters, although talks were renewed this Sunday they quickly fell through as observed in BHP’s latest statement. BHP noted that it is no longer considering a combination of the two companies and that, while they “continue to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders,” they are confident in their own growth strategy.
As previously reported by SteelOrbis, BHP’s attempts to acquire Anglo American’s operations started last year as a strategy to bolster its presence in the copper market. Anglo American, however, rejected the company’s offers in several instances.