BHP said it had “preliminary discussions” with Anglo American’s board but is no longer planning a takeover bid that would have pulled Anglo American away from its deal to merge with Vancouver-based Teck Resources. Bloomberg reported over the weekend that BHP made a last-minute approach to buy Anglo American in a potential cash-and-stock offer. (The Logic, Bloomberg)

Talking point: BHP has wanted to buy Anglo American since at least April 2024, but has been forced onto the sidelines by U.K. regulations requiring a standstill period that expired this month. In the meantime, Anglo American, which rejected BHP’s advances last year over concerns that the deal would be too complicated, has pursued a merger with Teck. Still, Anglo American must now win regulatory approval to merge with Teck, which could pose its own complications as the federal government pushes for a greater share of the business to be operated out of Canada.