BHP said that comments made by its chairman at Wednesday’s annual general meeting did not mean the company rules out a renewed offer for Anglo American, months after its failed bid in May.
Chairman Ken MacKenzie said earlier in the day that the company has “moved on” to focus on growth opportunities.
The world’s biggest miner walked away from a $49 billion bid to acquire Anglo after it was rebuffed three times. The approaching expiration in late November to a six-month freeze on BHP making another approach under UK takeover rules had raised speculation a deal may again be under scrutiny.
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“BHP clarifies that these comments were not intended to be a statement to which Rule 2.8 of the UK City Code on Takeovers and Mergers (UK Code) applies, nor intended to carry any other consequences under the UK Code,” the company said while responding to media speculation.
Anglo American declined to comment.
“We made an approach to Anglo American earlier this year … we thought there was an opportunity here to create something unique and special, a bit of a sort of a one plus one equals three opportunity,” BHP Chairman Ken MacKenzie said at the miner’s annual meeting.
“Unfortunately, Anglo American shareholders had a different view, and they thought there was more value in the plan that their management wanted to execute. And so they moved on. And quite frankly, so have we.”
The mining giant on Wednesday said the U.K. Takeover Panel Executive has confirmed that comments by its chairman will not be treated as a statement of intention to not make an offer for Anglo.
(Reporting by Rishav Chatterjee in Bengaluru; Additional reporting by Shivangi Lahiri; Editing by Vijay Kishore)
