BHP says it's no longer pursuing a merger with Anglo American to bolster it copper interests. -AAP Image
Australian mining giant BHP has rejected suggestions that it's again pursuing UK-listed copper play Anglo American, saying it's instead opted to back its own growth strategy.
Hold tight - we’re checking permissions before loading more content
Over the weekend, reports emerged in the UK that BHP, which has been looking at options to expand in copper, had renewed talks with the target after merger moves failed last year.
BHP had put a $US49 billion offer on the table, but that's now been dumped - again - leaving Anglo American free to seal a merger deal with Canadian miner Teck Resources in the next few weeks.
In a brief statement to the Australian stock exchange on Monday, BHP confirmed there had been "preliminary discussions" but they did not go any further and a merger was off the table.
"Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits, and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth," it said.
Shares in BHP, which has a market value of $205 billion, closed at $40.37 on Friday.
Teck's bid for Anglo American, once approved by shareholders in December, will create a $US60 billion company with massive copper assets.
Anglo American had argued the BHP offer significantly undervalued its business.
23°C