BHP Group (ASX:BHP) is shifting its focus towards alternative growth opportunities, with Chairman Ken MacKenzie indicating that the company is unlikely to pursue another takeover bid for Anglo American.
This follows BHP's previous attempt to acquire Anglo for US$49 billion ($74.5 billion) in May, which was rejected three times.
After the bids, BHP was subjected to a six-month freeze under UK takeover regulations, set to expire at the end of November, prompting speculation about a potential renewed offer.
"We made an approach to Anglo American earlier this year... we thought there was an opportunity here to create something unique and special, a bit of a sort of a one plus one equals three opportunity," MacKenzie stated.
"Unfortunately, Anglo American shareholders had a different view, and they thought there was more value in the plan that their management wanted to execute. And so they moved on. And quite frankly, so have we," the executive added.
MacKenzie pointed to BHP's recent partnership with Lundin Mining to acquire Vancouver-based developer Filo Corp as an example of the company's commitment to expanding its South American copper assets.
However, BHP later issued a statement seeking to clarify MacKenzie's comments, asserting that they were not intended as a formal declaration regarding future bids for Anglo American.
At the time of reporting, BHP Group's share price was $42.78.