BHP Group Halts Takeover Bid for Anglo American

BHP Group Ltd has announced that it will not make a firm offer for Anglo American PLC. The decision comes after the companies failed to reach an agreement on South African regulatory risks and costs. BHP had proposed a structure to deliver value, but could not access key information from Anglo American.

BHP Group Ltd: * STATEMENT REGARDING PROPOSAL FOR ANGLO AMERICAN

* DOES NOT INTEND TO MAKE A FIRM OFFER FOR ANGLO AMERICAN PLC * UNABLE TO REACH AGREEMENT WITH ANGLO AMERICAN ON OUR SPECIFIC VIEWS IN RESPECT OF SOUTH AFRICAN REGULATORY RISK AND COST

* REMAIN OF VIEW THAT OUR PROPOSAL WAS MOST EFFECTIVE STRUCTURE TO DELIVER VALUE FOR ANGLO AMERICAN SHAREHOLDERS * WERE NOT ABLE TO ACCESS FROM ANGLO AMERICAN KEY INFORMATION REQUIRED TO FORMULATE MEASURES TO ADDRESS EXCESS RISK THEY PERCEIVE

* DISAPPOINTED THAT BOARD OF ANGLO AMERICAN HAS DECIDED NOT TO CONTINUE DISCUSSIONS WITH BHP * ANGLO AMERICAN'S ASSERTION VALUE RISK UNDER OUR PROPOSAL WOULD BE EXCLUSIVELY FOR ACCOUNT OF ANGLO AMERICAN SHAREHOLDERS IS NOT ACCURATE Source text for Eikon: Further company coverage: