Anglo American
Mining conglomerate fending off BHP takeover by shedding diamonds, platinum, and coal to become pure copper play.
BHP made three takeover bids for Anglo American in 2024, with the final £39 billion offer rejected in May. BHP walked away again in November 2025 after Anglo refused to extend negotiation deadlines. This predation attempt triggered radical autophagy: Anglo announced it would exit diamonds (De Beers), platinum (Amplats), and steelmaking coal to transform into a copper-focused miner. The company called it "the most radical changes in decades"—defensive restructuring under threat.
The takeover attempt revealed Anglo's vulnerability. BHP wanted Anglo's copper assets for the energy transition—copper demand soaring for EVs, batteries, and charging infrastructure. But Anglo's structure included South African assets with political complexity: majority stakes in Anglo American Platinum and Kumba Iron Ore, both JSE-listed, plus De Beers with its Botswana government partnership. BHP's proposal was to first hand these assets to Anglo shareholders before acquiring the copper business—a forced calving that Anglo resisted.
Anglo's defensive restructuring mirrors an organism shedding limbs to escape predation. Diamonds face structural decline as lab-grown alternatives improve and younger consumers question the category. Platinum depends on diesel vehicles, which face regulatory extinction. Coal is becoming stranded capital as energy markets decarbonize. By exiting these businesses, Anglo focuses on copper and iron ore—the minerals of electrification and infrastructure.
The drama continues: Anglo shareholders vote December 9, 2025 on a merger with Canada's Teck Resources, potentially creating a $50 billion firm. This is coalition formation as predator defense—combining with another mid-tier miner to achieve scale that deters future takeover attempts. BHP's withdrawal activates Rule 2.8 of the UK Takeover Code, blocking another bid for six months. Anglo has that window to complete the transformation: a copper-iron ore specialist too focused to digest easily, too large to swallow cheaply.