Australia Turns M&A Outlier as Big Resources Deals Struggle (1)

This year has been bustling for global mergers and acquisitions — but not in Australia, where activity has stumbled with the collapse of two potential blockbuster deals.

BHP Group, the world’s largest miner, on Monday walked away from a fresh and short-lived approach for $42 billion rival Anglo American Plc. In September, Abu Dhabi National Oil Co. dropped its planned $19 billion takeover of Australian natural gas producer Santos Ltd.

The volume of M&A deals involving Australian companies has fallen to $70 billion this year, a 30% decline from the same period in 2024, according to data compiled ...