Investors say BHP should abandon the Anglo American pursuit and refocus on its own growth pipeline, after the miner made a last-minute approach while Anglo nears a $60B merger with Teck Resources.
BHP confirmed it will not pursue a new bid, with the Anglo–Teck shareholder vote set for Dec 9, forming a major copper producer with assets in Chile and Peru.
Investor Sentiment
- Shareholders were “shocked” BHP was still circling Anglo after three failed attempts last year.
- Investors argue BHP already has major projects to execute: Jansen Potash (delayed, over budget), and copper expansion plans in Argentina, Chile, Australia.
- Large-scale M&A risks overpaying and increasing complexity.
- Most investors prefer organic growth, which “adds materially more value” than mega-deals.
BHP’s Current Strategy
- Invested $2B (with Lundin) in Argentina copper assets.
- Boosting production at Escondida, Chile.
- Considering a mid-2027 decision on doubling South Australian output.
Final view from major holders:
Anglo is a high-quality copper asset, but it’s time for BHP to move on and stay disciplined.