BHP Abandons Bid for Anglo American Following New Talks

BHP BHP 0.96%increase; green up pointing triangle Group said it wouldn’t pursue a takeover of Anglo American AAL 0.92%increase; green up pointing triangle following new talks, shutting the door on a deal that could have turbocharged its copper business and helping to clear the way for its U.K. rival to close a merger with Teck Resources.

Melbourne, Australia-based BHP first approached London-listed Anglo American about a possible takeover in April last year, arguing that a combination of the companies’ prized copper mines and other operations would have significant benefits.