Mining giant Anglo American rejected a $39 billion takeover bid from rival BHP Group. BHP had offered an all-stock deal that valued Anglo American at over $38 billion. Anglo American said the offer "significantly undervalued" the company and its prospects. The combined company would have been the world's largest miner by market value and production. BHP's bid required Anglo American to spin off two major assets, adding uncertainty. Copper is key to the energy transition, driving mining giants to seek supply deals.