Way clear for Teck merger after BHP walks away from Anglo American takeover attempt
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Australian mining giant BHP Group Ltd. says it has abandoned its latest takeover attempt of Anglo American PLC, whose own plans to join up with Vancouver-based Teck Resources Ltd. are still a go.
Bloomberg reported over the weekend that London-headquartered Anglo American had rebuffed BHP’s second acquisition attempt in as many years.
BHP today confirms it has had “preliminary discussions” with Anglo American’s board, but it is “no longer considering a combination of the two companies.”
It says it continues to believe a combination with Anglo American would have “strong strategic merits,” but it’s confident in its own organic growth plan.
Meanwhile, shareholders in Teck and Anglo American are set to vote on the $70-billion tie-up on Dec. 9.
The combination would create a copper mining powerhouse called Anglo Teck, with a head office presence in Vancouver and several top executives being based in that city.
The deal is undergoing a review under the Investment Canada Act, which can be used to block deals deemed against the national interest, including a new provision around Canada’s economic security.
Industry Minister Mélanie Joly has said Ottawa wants to see longer-term commitments to Canada if Teck is allowed to merge with Anglo American. Teck CEO Jonathan Price said last month that he was happy with the way talks were going with federal officials.
Teck and Anglo American have committed about $4.5 billion in spending in Canada over five years as part of the deal. However, a significant portion of that has already been announced by Teck, including the mine life extension of its Highland Valley copper mine.
This report by The Canadian Press was first published Nov. 24, 2025.
Companies in this story: (TSX:TECK. B)