Australia’s BHP said that it had been unable to reach an agreement with the rival miner over specific issues. The companies have been in talks over a deal worth almost £39bn since Wednesday May 22 amid efforts to agree on the structure for a potential takeover. BPH had a deadline of 5pm on Wednesday to make a firm offer or walk away from takeover talks.
“Our shareholders will benefit from value transparency and undiluted exposure to a simpler portfolio of world-class assets, consistently stronger operational performance, and highly attractive growth in copper, premium iron ore and crop nutrients.” The FTSE 100-listed company is “fully focused” on achieving its plans to boost value “at pace”, he added. A mega-merger between the two companies would have created the biggest copper miner in the world, with 10 per cent of global output.