“BHP will not be making a firm offer for Anglo American,” said CEO Mike Henry. “While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and, despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive.” The statement came after BHP’s call for the extension of the UK Takeover Panel’s deadline were rejected by Anglo American. In a press release, Anglo stated that BHP failed to address their fundamental concerns of the risk associated with demerging South Africa-based Anglo American Platinum and Kumba Iron Ore, and therefore see no basis for extending the deadline again.
BHP Walks Away from its Proposed Deal with Anglo American
