Anglo American, led by South Africa's Duncan Wanblad, faces fresh BHP takeover bid

Anglo American Plc, the London-listed mining group led by South African executive Duncan Wanblad, is again the focus of BHP Group after the world’s biggest miner made a fresh takeover approach. The move comes as Anglo prepares for a shareholder vote on its planned merger with Canada’s Teck Resources Ltd., a deal that would create a major copper producer. 

People familiar with the matter said BHP recently reached out with an offer made up of cash and stock. Anglo, valued at about £31.9 billion ($41.8 billion), has been a recurring target for BHP, which abandoned a $49 billion pursuit last year after a public standoff. 

Pressure ahead of Teck vote

The new approach lands less than three weeks before investors at both Anglo and Teck are set to vote on their tie-up. While talks between BHP and Anglo are ongoing, there is no assurance they will lead to an agreement, according to people briefed on the discussions. Anglo has already notified Teck about BHP’s interest. None of the companies commented.

Anglo’s combination with Teck has gained broad support from its shareholders, who see value in merging two large copper operations in Chile’s Atacama region. The deal, announced in September, includes provisions that allow either company to evaluate unsolicited bids if a superior offer emerges. 

Why Anglo remains a target

Anglo has long-drawn interest because of its copper assets, even as some buyers were cautious about its mix of diamond, platinum and coal operations. After rejecting BHP’s earlier proposal, Wanblad rolled out a broad restructuring aimed at improving returns. The company has since exited its South African platinum business and continues to review its coal and diamonds units.

BHP’s latest proposal is said to be simpler than last year’s offer. Yet valuation remains a hurdle: Anglo shares have risen 11 percent in London since the prior talks collapsed, while BHP has fallen 10 percent in Australian trading.

For BHP and CEO Mike Henry, the renewed push underscores the company’s effort to secure more copper as demand grows. But BHP must also navigate a dispute over iron ore sales to China and questions about Henry’s future as chief executive. 

Industry crossroads

Anglo, founded in 1917, is among the world’s most diversified miners, with operations across copper, diamonds, nickel and iron ore. In the first half of 2025, the group reported a 7 percent revenue drop to $8.95 billion and a 20 percent decline in EBITDA.

It is also preparing to resume the sale of its Australian coal mines after a suspended $3.8 billion agreement, while pursuing the Teck merger valued at about $50 billion. Regulators in China, the US and Canada must still approve the Teck agreement. Any potential BHP-Anglo deal would face similar scrutiny.