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AP-National

BHP Group drops its bid for Anglo American, ending plans to create a global mining giant

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Published 2:25 AM

By DANICA KIRKA
Associated Press

LONDON (AP) — BHP Group has dropped its 38.6 billion pound or $49.3 billion bid for Anglo American. That ended plans to create a global mining giant focused on copper and other minerals that are expected to drive the transition to renewable energy. The Melbourne, Australia-based BHP announced the decision late Wednesday. Last-minute overtures failed to ease Anglo’s concerns about the the complexity of the proposed deal. Anglo American earlier rejected a request to extend Wednesday’s deadline for BHP to submit a formal offer.

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