BHP's £39bn bid deadline for Anglo American takeover approaches
- BHP group requests more time to consider making a formal bid for Anglo American.
- Anglo American rejects BHP's plea to extend mega-merger deadline.
- The fate of the £39bn mega-merger outcome remains uncertain as the deadline looms.
BHP wants more time to make a bid for Anglo American. Anglo American is a big mining company. BHP is offering to buy it. Anglo American is worried about the deal. BHP is trying to address these worries. Anglo American has said no to two smaller offers from BHP. BHP is now offering a bigger deal. If the deal goes through, the new company will produce a lot of copper. Copper is important for things like solar panels and electric cars. Anglo American has big copper mines in South America. BHP has the biggest copper mine in the world. The new company might move its main stock listing from Australia to London. This would be good for the UK markets. Some companies have already moved their listings to get more value. BHP was removed from the FTSE 100 in January 2022. Other companies have also moved their listings. Anglo American has rejected BHP's takeover bid. The deal would have been worth £39 billion. Talks between the two companies have failed. BHP wanted to sell some of Anglo's South African businesses. Anglo did not agree with this plan. BHP tried to make promises to win over South Africa's investors and regulators. Anglo decided not to extend the deadline for the takeover talks. Anglo's chairman said the company has a plan to create more value for its shareholders. BHP has decided to pull out of the takeover deal with Anglo-American. The deal was worth £38.6 billion. BHP was interested in Anglo's copper assets. Copper is important for green energy. The deal fell through after a month of negotiations. Anglo American believes it can offer more value to its shareholders. BHP tried to address concerns about its plans for Anglo's business in South Africa. The two companies have been talking since April. Anglo rejected three offers from BHP. Some shareholders wanted Anglo to keep negotiating. Anglo and the South African government were worried about BHP's plan to spin off the South African businesses. BHP made commitments to address these concerns. However, Anglo still found BHP's offer unattractive.