Australia BHP announces abandonment of acquisition plan, both stocks fall.

Australian listed company BHP Group saw its shares fall 1.5% on China Free Foreign Exchange Trading CenterThursday after announcing it would abandon its $49 billion bid for rival Anglo American. This marks the end of a six-week pursuit for now.

The S&P/ASX 200 index in Australia fell 0.7% in early trading.

Anglo American stated after BHP's announcement on Wednesday that it would fully implement established plans to enhance shareholder value.

Following Anglo American's refusal to grant further extensions to finalize deal details, BHP decided not to submit a binding offer.

These developments concluded a tense standoff and negotiations between the two global mining giants, during which shareholders warned BHP not to overpay for control of Anglo American.

Private wealth advisor John Milroy stated, "This eliminates the risk of overpayment and significant share dilution."

He added, "Clearly, they are still interested in acquisitions and will look at other targets to expand their copper business portfolio."

To defend its decision to reject BHP, Anglo American plans to divest its less profitable assets and focus on expanding copper production.

In London trading on Wednesday, Anglo American's stock closed down 3% at £24.80.

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