BHP Abandons Bid for Anglo American Following New Talks

BHP BHP 0.79%increase; green up pointing triangle Group said it would not pursue a takeover of Anglo American AAL -0.95%decrease; red down pointing triangle following new talks, closing 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 big benefits.