ACG walks from Anglo Asian after deal fails test

[Ben Graham]

ACG Metals (LON:ACG) said Thursday it will not make an offer for Anglo Asian Mining (LON:AAZ) after a “thorough review” found the move would not create value.

The company said its analysis of Anglo Asian’s assets did not support a transaction, noting its disciplined approach to capital allocation and its focus on protecting shareholder equity. ACG had disclosed last month it was in the early stages of considering a bid.

Anglo Asian Mining, a gold, copper and silver producer operating in Azerbaijan, has been expanding its portfolio. It opened the Gilar and Demirli mines this year and said the additions were delivered on time and on budget as part of its plan to become a mid-tier copper-focused producer.

ACG, which bought the Gediktepe Mine in September 2024, has been pitching itself as a consolidator in the copper sector. Gediktepe is expected to shift to primary copper and zinc output starting in 2026.

Earlier Thursday, Anglo Asian reported record November copper output at its Gedabek operation after upgrades to its flotation plant.

Anglo Asian shares dropped on the news, trading last 6.5% lower to 215p in London, while ACG shares rose 2.9% to 1,080p.