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BHP Bid for AGL – BHP Walks Away
30 May 2024



The IEC have officially announced what some are calling a watershed moment for South Africa’s democracy. Our base case, and that shared by the majority of market participants, was for the ANC to win 45% of the vote, a coalition with the IFP and smaller parties formed, followed by business as usual.

Throughout the weeklong deadline extension, BHP worked extensively to address concerns AGL had with BHP’s proposal. Despite numerous engagements with AGL and its advisors, as well as the rejection of a third updated bid from BHP, BHP has made the decision to walk away from the table.

Mike Henry, BHP’s CEO said “BHP will not be making a firm offer for Anglo American. BHP is committed to its Capital Allocation Framework and maintains a disciplined approach to mergers and acquisitions”.

In line with the UK takeover rules, BHP will step away for 6 months unless AGL’s board decides to set aside the rejection statement, or a third-party steps in with an offer for AGL.