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.