BHP Shifts Focus After Anglo American Takeover Rejection

By Melanie Burton

SYDNEY (Reuters) – BHP has turned its attention to new growth opportunities after shareholders of Anglo American (JO:AGLJ) voted against its takeover approach earlier this year, the company's chairman stated on Wednesday.

The world's largest miner abandoned a $49 billion bid to acquire Anglo in May after being rejected three times. Speculation regarding another approach had arisen with the impending end of a six-month block on BHP.

"We made an approach to Anglo American earlier this year … we thought there was an opportunity here to create something unique and special, a bit of a sort of a one plus one equals three opportunity," said MacKenzie at BHP's annual meeting.

"Unfortunately, Anglo American shareholders had a different view, and they thought there was more value in the plan that their management wanted to execute. And so they moved on. And quite frankly, so have we."

MacKenzie indicated that BHP's recent C$4.5 billion ($3.25 billion) deal with Canada-listed Lundin Mining (OTC:LUNMF) in July to jointly take over developer Filo Corp signifies their shift towards expanding copper holdings in South America.