12:06 PM EDT, 05/29/2024 (MT Newswires) -- (Adds details in second paragraph.)

BHP Group ( BHP ) said it will not proceed with a firm takeover offer for Anglo American after failing to secure backing from the UK company's board, Bloomberg News reported Wednesday, citing the Australian mining giant.

BHP had a one-week extension until Wednesday to negotiate the $49 billion deal with Anglo American, but the parties were unable to reach an agreement, Bloomberg said. Anglo American said it sees no reason for another extension, and BHP would have to walk away from the potential transaction for at least six months following the deadline, the report said.

BHP Group ( BHP ) and Anglo American didn't immediately respond to MT Newswires' requests for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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