On April 25, 2024, BHP Group Ltd. proposed a $53.3 billion (£31.1 billion) all-share takeover of Anglo American Plc, aiming to create the world’s leading copper producer. The offer valued Anglo American at $42.95 (£25.08) per share, contingent on divesting its South African platinum and iron ore stakes.

On May 20, 2024, Anglo American’s Board received a third unsolicited proposal from BHP, offering 0.8860 BHP shares per Anglo share and requiring the demerger of Anglo American Platinum and Kumba Iron Ore. This valued Anglo shares between £29.34 and £29.91.

Anglo American’s Board unanimously rejected the proposal, citing concerns over its complexity, execution risks, and potential negative impact on shareholders. The Board reaffirmed confidence in its standalone strategy, including a simpler plan to demerge Anglo American Platinum.

Though open to further discussions, Anglo American emphasized the proposal's 18-month timeline and execution challenges. Legal advisors for Anglo American include Linklaters LLP, Centerview Partners, Goldman Sachs, and Morgan Stanley, while Slaughter and May is advising BHP.

If successful, BHP’s bid would secure control of 10% of global copper supply, capitalizing on a potential copper shortage driven by the energy transition.