Mining giant BHP drops latest bid to buy rival Anglo American
BHP has walked away from another attempt to take over rival miner Anglo American after it was again rebuffed, failing in a last-minute effort to disrupt the planned merger with Canadian mining business Teck Resources.The Australian mining company reportedly became interested in making another offer for FTSE 100-listed Anglo last week, more than a year after abandoning a £39bn attempt to buy the business.The latest failed overture comes as Anglo and Teck shareholders prepare to vote on their $53bn (£39bn) merger on 9 December.BHP confirmed on Monday it had held preliminary discussions with Anglo, but that it was “no longer considering a combination of the two companies” and would focus on its own portfolio.It told investors: “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 strategy.
”Under City takeover rules, BHP is blocked from making another bid for Anglo for six months, unless there is a significant change in circumstances,Anglo’s vast reserves of copper are an important driver of interest in the business because the mineral is an important building block for low-carbon technologies such as solar farms and electric cars,BHP made three failed attempts last year to agree a merger with Anglo, before it declared in October that it had “moved on”,Shares in Anglo, which is listed in London, have risen by more than two-thirds since the start of 2024 and are up by almost a quarter since BHP made its first offer in May last year,BHP’s bid last year met fierce opposition from Anglo’s board, which included conditions to sell its South African business interests, and was ultimately dismissed as “highly complex and unattractive”.
Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionThe impending deal between Teck and Anglo still needs approval of regulators in various countries, including China, the US and Canada.While the Anglo-Teck merger is expected to trigger more deal activity in the mining sector, Kathleen Brooks, of the broker XTB, said the move was designed in part to rebuff other takeover attempts.“BHP has now said that it has walked away from the deal, however, if there was deep concern about the global economy, or the potential for a deep stock market crash, then it would be unlikely to see any takeover attempts, rebuffed or not, in the resources sector,” she said.
Politicians urge Labour to restore Electoral Commission independence
Keir Starmer is being urged to restore independence to the Electoral Commission, with MPs and peers likely to launch a battle to amend the elections bill in the new year.In a letter to the prime minister, MPs and peers will warn the elections watchdog should not be overseen by the political parties in charge of holding to account.The government is to publish an elections bill early next year, bringing in votes for 16-year-olds and cracking down on loopholes in how political donations are made.However, it is resisting returning independence to the Electoral Commission after Boris Johnson put it under the control of ministers, who can now annually set its priorities and direction.When the Conservatives introduced the new power, the House of Lords passed a cross-party amendment led by the cross-bench peer Lord Judge and co-sponsored by the former Labour home secretary David Blunkett to overturn the change – only for it to be changed back by the Commons
Farage urged to explain conspiracy theories linked to antisemitism he voiced in US media
Nigel Farage is facing calls to explain why he repeatedly aired tropes and conspiracy theories associated with antisemitism during interviews, after claims the Reform UK leader used racist language in his teens.In appearances on US TV shows and podcasts earlier in his political career, Farage discussed supposed plots by bankers to create a global government, citing Goldman Sachs, the Bilderberg group and the financier George Soros as threats to democracy.These included six guest slots on the web TV show of the disgraced far-right US conspiracy theorist Alex Jones. Jones was successfully sued by bereaved parents after claiming the 2012 Sandy Hook elementary school massacre was faked.During one interview with Jones in 2018, Farage argued that “globalists” were trying to engineer a war with Russia “as an argument for us all to surrender our national sovereignty and give it up to a higher global level”
David Cameron reveals prostate cancer diagnosis and calls for targeted screening
David Cameron has disclosed he was treated for prostate cancer and has called for a targeted screening programme.The former prime minister said he had a prostate-specific antigen (PSA) test, which looks for proteins associated with the form of the disease. The result was high and he subsequently had a biopsy that revealed the cancer.Lord Cameron, 59, told the Times: “You always hope for the best. You have a high PSA score – that’s probably nothing
Unions urge Reeves to prioritise living standards as CBI presses for shift on employment rights
Unions have urged the chancellor to keep focused on raising living standards, targeting child poverty and upping the national minimum wage, in the face of renewed calls from business to change course on employment rights.The TUC said that Rachel Reeves must deliver “a living standards budget” on Wednesday to ease the pressure on working households whose incomes have remained stagnant in more than a decade.Analysis by the unions showed working people were just £12 a week better off compared with 2008 after a “painful Tory pay hangover”. Real wages grew at an average of just 0.04% each year under the Conservative government between May 2010 and April 2024, it found, while public service workers saw no increase at all
Boris Johnson took four days off as NHS warned Covid could ‘overwhelm’ system
Boris Johnson took four days off from official government business during a key period in the UK’s Covid preparation when the NHS was bracing to be “overwhelmed” by the virus.Official disclosure for the period in February 2020 – described by the Covid inquiry as a “lost month” in the country’s crisis response – reveal Johnson enjoyed an extended break during the half-term holidays at Chevening, a governmental estate in Kent, where he spent time walking his dog and taking motorcycle rides.The former prime minister was questioned on his activities between 14 and 24 February 2020 when he appeared at the inquiry in December 2023. He said: “There wasn’t a long holiday that I took. I was working throughout the period and the tempo did increase
Twenty people allege he has a racist past. He denies it. Who’s telling the truth about Farage’s schooldays?
Nigel Farage has denied – albeit through a spokesperson – that he ever said anything racist or antisemitic when he was a teenager.The Guardian has spoken to 20 of his contemporaries while at Dulwich College in south London who say otherwise – more than half of them on the record.So, who is telling the truth? That has become the crux of the row that has engulfed the leader of Reform UK.His spokesperson insists “there is no primary evidence. It’s one person’s word against another” and he has accused the Guardian of seeking to smear Farage
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