BHP Abandons $49 Billion Bid After Anglo Refuses More Talks (3)

BHP Group decided against making a firm offer for Anglo American Plc, instead walking away for now from what would have been the biggest mining deal in over a decade.

The announcement — less than one hour before a 5 p.m. UK deadline — marked an abrupt end to the five-week public battle between two of mining’s biggest names. It will ratchet up the pressure on Anglo Chief Executive Officer Duncan Wanblad to deliver on an ambitious turnaround plan, while his counterpart at BHP may have to look elsewhere for the copper growth that Anglo would have provided.

BHP’s ...