Mining Giant BHP Group Makes Nearly $40 Billion Bid For Rival Anglo

Australian mining giant BHP Group on Thursday made a nearly $40 billion offer to acquire its U. K.-based rival Anglo American, a deal that could create the world’s largest copper mining company if the deal goes through. If the proposed deal goes through, the merged entity would account for around 10% of the global copper output, making it the world’s biggest copper mining firm, according to Reuters. This is likely a key driving force behind BHP’s offer as copper prices have surged more than 17% since the start of the year and it could rise further, driven by a surge in demand for the metal. Copper is a key material used in the manufacturing of electric vehicles and renewable energy devices like wind turbines, and its demand is expected to rise sharply amid a push for cleaner energy. Thursday’s offer is BHP’s second major acquisition in the past year after it acquired Australian mining firm OZ Minerals in a $6.27 billion (A$9.6 billion) deal last year. Copper was also a key driving factor for that acquisition.$149.68 billion (A$229.39 billion). That is BHP Group’s current market cap, making it the world’s most valuable mining firm. BHP Targets Anglo American in Bid Valuing Miner at $39 Billion (Bloomberg)
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