The red metal is the new black. A rebuffed BHP has gone back to the drawing board to plot its next move after Anglo American rejected its request for more time.
Despite a slight fall in BHP’s share price after it walked away from its pursuit of Anglo American, most BHP investors seem relieved Mike Henry stuck to his commitment to “maintain a disciplined approach to mergers and acquisitions”.
That won’t stop debate over whether BHP’s proposal – ultimately worth around $75 billion – was indeed the “compelling opportunity to grow the pie of value for both sets of shareholders” that Henry claimed it to be.
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Jennifer Hewett is the national affairs columnist. She writes a daily column on politics, business and the economy. Connect with Jennifer on Twitter. Email Jennifer at jennifer.hewett@afr.com
