Breakingviews - BHP's latest Anglo setback marks a disappointing farewell for CEO

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Nov 24 2025

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Source: Reuters

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

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.