Collapse of BHP’s Shock Anglo Bid Make Australia an M&A Laggard

Good morning and happy Tuesday! It seems BHP’s second — and failed — attempt at a tie-up with Anglo American caught everyone totally by surprise, according to a dozen people familiar with the situation. Bloomberg News pulls back the curtain on how it unfolded - Carmeli Argana, Australian stocks reporter

BHP’s last-minute proposal to buy Anglo American has left investors, bankers and rival executives reeling — especially because the commodities giant spent the past 18 months insisting it had “moved on” from its last failed attempt to acquire the London-based firm.

Staying with M&A, this year has been bustling for global mergers and acquisitions — but not in Australia, where activity has stumbled with the collapse of potential blockbuster deals. The volume of M&A deals involving Australian companies has fallen to $70 billion this year, a 30% decline from the same period in 2024, according to data compiled by Bloomberg.