Last Thursday night, the world’s biggest miner made a brazen attempt to gatecrash one of the industry’s biggest-ever deals. Yet just three days later, the bid was already dead.
BHP Group’s last-minute proposal to buy Anglo American Plc and prevent the smaller company from completing its $60 billion combination with Canada’s Teck Resources Ltd. 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 London-based Anglo.
The surprise move and near-instant capitulation have raised questions about BHP’s strategy ...
