The Australian mining company BHP announced this Monday, 24, that it has given up its plan to acquire its British rival Anglo American, a transaction that would have created the largest copper mining company in the world.
“The BHP Group confirms that it is no longer considering a merger between the two companies,” the company said in a statement published on the Australian Stock Exchange website.
Bloomberg News reported on Sunday that BHP, the world’s largest mining company, had made an offer to Anglo in an attempt to prevent the acquisition by its Canadian competitor, Teck Resources, but the British company reportedly rejected the offer.
BHP “continues to believe that a merger with Anglo American would have strong strategic benefits and create significant value for all stakeholders,” the Australian company said.
Demand for copper has increased sharply in recent years, as the metal is essential for the manufacture of solar panels, wind turbines, batteries for electric vehicles and consumer electronics.
It is also used in military equipment, mainly aircraft, and demand related to the growth of artificial intelligence and data centers is still growing, according to the France-Presse news agency.