The main point of contention was BHP's requirement that Anglo demerge its stakes in Anglo Platinum and Kumba Iron Ore, which would then be distributed to its shareholders. Anglo American's board found this structure to be too complex and risky for its investors. They were concerned that shareholders would end up holding stakes in these spun-off entities without adequate compensation for any loss in value as a result of these changes.
May be its deep, BHP normally are not smooth operators, they thought they will kick out all influences from Anglo and also BHP's stance on Anglos heirloom De Beers, the diamond arm of Anglo American, was notably cautious during its takeover considerations. BHP did not prioritize De Beers in its acquisition strategy, as its primary interest lay in Anglo’s copper assets, particularly those in South America.
If Anglo pulls off from this deal this time, they will not be taken seriously next time onwards and they will just fall into BHPs lap and this time around it will be on BHPs terms.
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