Bids valued at $51.2 billion to acquire Anglo American (LSE: AAL), including $39.6 billion by BHP (NYSE: BHP; LSE: BHP; ASX: BHP) and $10.9 billion in a proposal with undisclosed details by Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO), dominate the total, the data show.
M&A across all industries rose 16%, Todd Sibilla, a commodity applications specialist at Bloomberg, told the conference. But deals with diversified miners, like Glencore (LSE: GLEN) buying Teck Resources’ (TSX: TECK.A, TECK.B; NYSE: TECK) coal assets last year, plunged 94% this year compared with 2023, Sibilla said.
The Canadian uproar last year over Glencore’s interest in buying Teck, while the Swiss giant employs more Canadians than homegrown Teck, was cited as an example of a rising trend of misguided resource nationalism leading to court cases over blocked deals, according to a panel of lawyers at the annual conference on trends in mining finance. The panel…
