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BHP’s $53B Anglo Bid Rebuffed

BHP Group made a roughly $53-billion bid for Anglo American that delivered a 24% premium yet was rejected within hours as the London miner held to its Teck Resources merger strategy anchored in copper expansion.

People familiar with the talks told Bloomberg that BHP offered £34 a share late on November 20 compared to Anglo’s £27.36 close, in an approach structured mostly in stock with a smaller cash component.

The overture briefly pushed Anglo shares up as much as 2.7% in London trading on Monday, lifting the stock to a two-week high, but the company’s board dismissed the proposal by Sunday evening after discussions surfaced that morning.

While both companies later acknowledged the contact, neither publicly disclosed the valuation.

You can read more on the matter here.

What’s going on?

• First Nations Chiefs Unite Against Northern BC Pipeline Plan (theDeepDive)

• Canada buying $200-million in weapons for Ukraine from U.S. stockpile (Globe)

• Southeast Alaska Tribes Takes BC To Court Over Lack Of Mining Consultation (theDeepDive)

• US private employers shed 32,000 jobs in November (FT)

• Starmer Won’t Rejoin EU Despite Admitting Brexit ‘Significantly Damaged’ UK Economy (theDeepDive)

• Trump Administration Lowers Fuel-Economy Rules For Carmakers (WSJ)

• Carney Returns Miller to Cabinet After Guilbeault Resignation (theDeepDive)

• Bessent says Trump admin will be able to replicate tariffs even if it loses Supreme Court decision (CNBC)

What’s the latest?

• Housing Goal: Federal housing spending is projected to drop 56% from $9.8B (2025–26) to $4.3B (2028–29) unless programs are renewed, the PBO warns. The new Build Canada Homes agency is expected to add only 26,000 units in five years, far below the 700,000 homes needed by 2035 and the 65,000 units/year required to restore affordability. Canada faces a structural supply mismatch, with immigration-driven demand and limited starter-home and rental options across its 16 regional housing markets. The PBO says Ottawa lacks a clear plan to double housing construction despite offering cheaper financing, loan guarantees, and land access.

• Commodities: U.S. crude inventories rose 574,000 barrels to 427.5M, versus expectations of an 821,000-barrel draw. Gasoline stocks jumped 4.52M barrels (vs. 1.5M expected), and distillates increased 2.1M barrels (vs. 0.7M expected). Cushing stocks fell 457,000 barrels, while refinery runs increased 433,000 bpd and utilization rose 1.8 points. Net crude imports dropped 470,000 bpd to 2.37M bpd.

• RBC: RBC posted record Q4 profit of $5.43B, up from $4.22B, bringing 2025 annual profit to $20.4B (+25%), driven by capital markets and wealth management. Revenue rose to $17.21B (from $15.07B), and EPS beat expectations at $3.85 vs. $3.53. Provisions for credit losses increased to $1.01B amid rising Ontario/GTA unemployment and mortgage renewal strain. The bank raised its dividend to $1.64/share and boosted its ROE target to 17%+, supported by AI adoption across 30,000 employees and international expansion plans.

• Oil: Norway will create a “post-oil economy” commission as part of a budget deal, prompted by declining oil and gas reserves. The commission will study scenarios for transitioning the workforce and natural resources as production drops. The agreement also delays the phase-out of EV VAT exemptions to 2028, instead of 2027, maintaining incentives in a country where EVs make up nearly 100% of new car sales.

• Home Sales: Home sales in the GTA fell 15.8% YoY to 5,010 units in November, with prices also declining. The average selling price dropped 6.4% to $1,039,458, while the benchmark price fell 5.8%. New listings were down 4% to 11,134, but total active inventory rose 16.8% to 24,549. TRREB says buyers are waiting due to job-market uncertainty despite lower borrowing costs and softer prices.

Guanajuato Silver Q3 Earnings

The stock market and stuff

• Ivanhoe Expects Up To 420,000 Tonnes Copper Production At Kamoa-Kakula In 2026 (theDeepDive)

• Vale Base Metals-Glencore Evaluate Sudbury Copper Brownfield JV (theDeepDive)

• Feds gave Stellantis more than $220M before Brampton decision, records show (CBC)

• Bitcoin Treasury Giant Strategy Pivots To Dividend Cash (theDeepDive)

• Royal Bank of Canada Posts Record Earnings In Q4 2025 As Credit Losses Rise (theDeepDive)

In the juniors

• Selkirk Copper Appoints Two Members Of Selkirk First Nation To Leadership Team (theDeepDive)

• Collective Mining Drills 8.24 g/t Gold Over 23 Metres At Ramp Zone (theDeepDive)

• Altamira Gold Appoints Dr Richard Sillitoe, Porphyry Expert, As Technical Advisor (theDeepDive)

FULL DISCLOSURE: Cardiol Therapeutics is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cardiol Therapeutics. The author has been compensated to cover Cardiol Therapeutics on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.