Breakingviews - BHP's latest Anglo setback marks a disappointing farewell for CEO
BHP's M&A Challenges: BHP's CEO Mike Henry attempted a second acquisition bid for Anglo American after previously withdrawing from a $47 billion offer, but faced challenges due to market conditions and Anglo's strong shareholder support for its merger with Teck Resources.
Market Dynamics: The fluctuating Australian dollar and changes in share prices have complicated BHP's acquisition strategy, making it difficult for the company to justify a new bid for Anglo American.
Investor Sentiment: While Henry's decision to walk away from the previous bid was praised, his inability to secure a significant acquisition during his tenure may tarnish his legacy, especially if he steps down in mid-2026.
Valuation Concerns: Any new bid for Anglo would need to offer a substantial premium to its current valuation, as BHP's share performance lags behind that of Anglo, complicating the potential for a successful acquisition.
About the author









