The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. – The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images) William West | Afp | Getty Images

May 29 (Reuters) – BHP Group BHP.AX said on Wednesday it did not intend to make a formal offer for Anglo American AAL.L, walking away from its $49 billion takeover deal, after the London-listed rival refused to extend the bid deadline.

“We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost,” BHP said in a statement, adding that it did not get “key information” from Anglo to address these risks.

Anglo rejected BHP’s last-ditch request for more time to discuss a takeover offer, dismissing it as highly complex, after the miner had granted BHP a one-week extension to its original May 22 deadline to submit a binding offer.

This is a developing story…

(Reporting by Yadarisa Shabong and Pushkala Aripaka in Bengaluru; Editing by Shinjini Ganguli)