Russ Mould, investment director at AJ Bell, said: “It was inevitable that BHP might try its luck with a second attempt at buying Anglo American.
“The clock was ticking to get in with another offer before Anglo’s merger with Teck became a formality, but whatever happened behind closed doors hasn’t derailed this deal.
“BHP has walked away, leaving Anglo to pursue a future with Teck.
“For BHP, this is frustrating on two levels.
“First, buying Anglo could have greatly strengthened its position in copper, seen by many as one of the most important metals of the future.
“Second, a combined Anglo/Teck creates a competitor with bigger scale.
“BHP has enough to do with existing projects to keep it busy, and it remains a major player in the industry.
“However, this is an industry built on M&A, and no-one wants to be the loser when it comes to either diggers or dealers.”
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