The renewed interest follows a failed attempt last April when BHP’s offer, which increased from $39 billion to over $49 billion, was ultimately rejected by Anglo’s board.
With the six-month regulatory cooling-off period now expired, speculation is mounting that BHP is gearing up for another bid. Market analysts suggest Anglo’s recent strategic shifts may further attract BHP’s interest. One major investor told The Sunday Times, “Anglo’s management is pushing ahead with its plans, but ironically, this could make them a more appealing acquisition target.”
BHP’s primary focus remains Anglo’s copper assets, while it has expressed no interest in retaining De Beers or the company’s platinum group metals (PGM) operations. Since the previous bid, Anglo has strengthened its position by raising $4 billion through coal mine sales and is moving forward with plans to offload De Beers and its PGM holdings. These developments align closely with BHP’s strategic objectives, making Anglo a more attractive acquisition target.
In May, shortly after rejecting BHP’s offer, Anglo announced plans to divest or demerge its diamond, PGM, nickel, and steelmaking coal businesses to streamline operations and concentrate on its core copper assets. De Beers, which faced declining sales in 2023, is set for separation to provide “greater strategic flexibility” for both itself and Anglo American.
Industry observers now await BHP’s next move as market conditions evolve and Anglo refines its portfolio, potentially setting the stage for one of the largest mining sector acquisitions in recent years.
