The recent BHP-Anglo American $49bn takeover saga has been a spectacle of strategic posturing. But as the dust settles on BHP’s retreat, a new opportunity arises for Glencore, a company that has been quietly but handsomely profiting in the fulcrum of the global energy transition.  

With BHP now sidelined by UK takeover rules, unable to make another approach to Anglo for six months, Glencore finds itself in an enviable position to make its move. The $70bn-plus mining giant had been weighing whether to put in a competing bid for Anglo, according to a Reuters report citing unnamed sources.