BHP Group, the erstwhile 80% owner of the Ekati diamond mine in Canada, has confirmed it has dropped plans to pursue a merger with Anglo American after early stage discussions with the company’s board. BHP said the deal could have delivered strategic benefits but noted that it remains confident in the strength of its own growth plans.
“Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy,” the company stated.
The update falls under Rule 2.8 of the UK Takeover Code. BHP added that it may revisit its position only in situations permitted by the Code, including a change in circumstances or a firm offer from a third party for Anglo American.
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