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BHP Group is considering a potential takeover of Anglo American Plc , people with knowledge of the matter said, in what would rank as one of the year’s biggest deals.
Anglo American has long been viewed as a potential target among the largest miners, particularly because it owns big South American copper operations at a time when most of the industry is seeking to grow in that business. However, suitors have been put off by its complicated structure and mix of commodities, and especially its deep exposure to South Africa.
It would also represent the first mega deal among the world’s biggest diversified miners in over a decade. BHP and its biggest rivals spent years on the sidelines after a series of disastrous transactions, but haveBHP last year bought copper producer OZ Minerals Ltd. for about $6.4 billion in its first major purchase in years, but has until now focused on selling assets such as oil, gas and coal.
For BHP, the lure for any deal would be Anglo’s copper business. The world’s biggest miners are all seeking to expand their copper production in anticipation of rising prices as demand for electrification rises while future supplies look constrained.
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