By Adam Whittaker

Shares in London-listed miner Anglo American fell on a report that rival BHP doesn't plan to launch a renewed takeover bid.

In mid-morning European trade, Anglo American's shares fell 6% to 2,390.50 pence.

The Financial Times reported over the weekend that BHP has cooled on the idea of renewing efforts to buy Anglo American, following a failed takeover offer of roughly $50 billion in May last year.

The failed offer triggered Anglo's leadership to undertake a restructuring and divestment plan which has since caused shares to jump. Even after Monday's fall, Anglo American's shares are up around 26% over the past 12 months while BHP's are down around 20%.

Anglo American's shares closed Friday 3.5% above BHP's last offer price and investors were expecting a renewed bid, an analyst at Barclays said.

Under U.K. takeover rules, BHP was unable to make further approaches until late November last year. Since then, its leadership has been assessing Anglo's share price and deem the company too expensive to justify another approach in the near-term, the FT reported, citing people close to the situation.

BHP weren't immediately available to comment when approached by Dow Jones Newswires while Anglo American declined to comment.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

January 27, 2025 05:47 ET (10:47 GMT)

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