0403 GMT - Jefferies doesn't expect another interloper to threaten the planned merger of Anglo American and Teck, after BHP walked away from a bid to buy Anglo. "But this possibility cannot be ruled out entirely," its analysts acknowledge. They say they would have been surprised if BHP, Rio Tinto, Glencore, Freeport and others "had not been at least considering whether there was an opportunity to gatecrash the Anglo-Teck deal." BHP arguably has the most to gain from a successful bid, they say. "Its own copper production in Chile is declining, its capex is rising--in part due to capital-intensive, longer-term copper projects--and its relative exposure to iron ore and met coal is rising." Jefferies has a hold rating and a A$42 target on BHP. The stock is up 0.1% at A$40.41. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

November 23, 2025 23:03 ET (04:03 GMT)

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