BHP Group has revived its pursuit of Anglo American with a fresh takeover approach, adding new momentum to a corporate saga that has stretched throughout the year. But the attempt was short-lived-Anglo American’s board quickly dismissed the proposal, arguing that the offer once again fails to reflect the company’s long-term value.
According to people familiar with the matter, BHP submitted its latest non-binding proposal on November 23. The move marks the mining giant’s second effort in 2025 to absorb its rival after an earlier attempt collapsed in May. The renewed bid arrives at a time when global competition for copper assets is intensifying, placing both companies at the center of an industry-wide strategic race.
Anglo American confirmed the rejection in a statement to investors, emphasizing that the offer “substantially undervalues the company’s operational strength, asset quality, and future growth potential.” Directors voted unanimously to turn down the proposal, signaling firm resistance despite persistent pressure from BHP.
One of the most contentious sticking points remains unchanged: BHP’s requirement that Anglo American divest its shareholdings in two major South African assets-Anglo American Platinum (Amplats) and Kumba Iron Ore-before any merger could proceed. That condition proved fatal to discussions earlier this year and continues to pose a major structural barrier.
Industry analysts say that any renewed effort by BHP will face heightened regulatory and political scrutiny. South Africa, where both Amplats and Kumba play critical roles in the national economy, is expected to be a key battleground for approvals. Labor unions and local officials have previously expressed concerns about potential job losses and operational shifts under a combined entity.
A successful deal would create the world’s largest copper producer, controlling roughly 10% of global output. With demand surging for copper used in electric vehicles, renewable energy systems, and power infrastructure, the strategic value of such a merger is drawing global attention.
For now, Anglo American’s rejection leaves BHP’s next move unclear. Analysts suggest that the mining giant must significantly sweeten its offer-or reconsider the controversial spin-off condition-if it hopes to bring the months-long takeover battle to a decisive conclusion.
