BHP Shifts Focus After Failed Bid for Anglo American

BHP, the world's largest mining company, has shifted its focus to other growth opportunities after its unsuccessful attempt to acquire Anglo American earlier this year, Chairman Ken MacKenzie said on Wednesday. The company walked away from a \$49 billion bid in May after being rebuffed three times by Anglo American.

The end of a six-month block on BHP making another approach to Anglo American had fueled speculation that a renewed bid might be under consideration. However, MacKenzie made it clear that BHP has moved on. Speaking at the company's annual meeting, he stated, "We made an approach to Anglo American earlier this year… we thought there was an opportunity here to create something unique and special, a bit of a sort of a one plus one equals three opportunity. Unfortunately, Anglo American shareholders had a different view, and they thought there was more value in the plan that their management wanted to execute. And so they moved on. And quite frankly, so have we."

As evidence of its new direction, MacKenzie pointed to BHP's C\$4.5 billion (\$3.25 billion) deal with Canada-listed Lundin Mining in July. The transaction involved jointly taking over developer Filo Corp as part of BHP's strategy to expand its copper holdings in South America.