ASX 200 Rebounds as Macquarie’s $11.6bn Qube Bid and BHP’s Anglo Exit Reshape Australia’s Market

Sydney, 24 November 2025 – Australia’s sharemarket roared back to life on Monday as a blockbuster takeover tilt for Qube Holdings and a decisive move by BHP to abandon its pursuit of Anglo American dominated trading.

The S&P/ASX 200 closed up 1.3% at 8,525.10, its strongest session since mid‑July, snapping a bruising run that had dragged the benchmark to six‑month lows. ^[1]

Driving the rebound were two big stories:

Macquarie Asset Management’s A$11.6 billion bid for Qube Holdings, one of the last major listed infrastructure plays on the ASX. ^[2]
BHP’s confirmation that it has walked away from a fresh tilt at Anglo American, clearing the path for Anglo’s planned US$60 billion merger with Canada’s Teck Resources. ^[3]

Below is a detailed breakdown of what happened today, why it matters, and what it could mean for investors.

ASX 200 logs best day in months on rate‑cut hopes

Australian equities opened higher and built on gains through the day as investors latched onto renewed hopes of a U.S. Federal Reserve rate cut in December and a wave of corporate deal‑making.

According to Reuters, the S&P/ASX 200 finished 1.3% higher at 8,525.10, with banks, miners and industrial stocks leading a broad‑based rally. ^[4]

A separate market wrap noted the index had jumped 108.6 points, or 1.29%, from its recent six‑month low, while the broader All Ordinaries rose by a similar margin. ^[5]

Key drivers:

Global macro tailwind – International markets were buoyed by growing confidence that the Fed is edging closer to a cut, with some estimates putting the odds of near‑term easing at around 60%. ^[6]
Sector breadth – Ten of the ASX’s 11 sectors advanced, with technology and healthcare stocks among the strongest performers. Names such as WiseTech Global, Technology One, Life360, CSL, Pro Medicus and ResMed all posted solid gains. ^[7]
Corporate action – Qube’s explosive rally, plus moves in names linked to other deal chatter, helped drive mid‑cap momentum. ^[8]

In short, Monday’s session looked like a textbook “relief rally” after weeks of pressure from interest‑rate worries and global growth jitters.

Macquarie’s A$11.6bn play for Qube: infrastructure gets taken off the board

The standout story on the ASX today was Macquarie Asset Management’s bold bid for logistics and ports giant Qube Holdings (ASX: QUB).

Deal terms and market reaction

Macquarie has lobbed an all‑cash offer of A$5.20 per share, valuing Qube at an enterprise value of A$11.6 billion (about US$7.5 billion) once debt of roughly A$2.3 billion is included. ^[9]

Key numbers:

Offer price: A$5.20 per share
Premium: ~27.8% to Qube’s last close before the bid ^[10]
Enterprise value: A$11.6bn (equity plus debt) ^[11]
Status: Non‑binding, subject to due diligence, regulatory approvals and an independent expert’s report, with exclusive due diligence granted to Macquarie until 1 February 2026. ^[12]

The market’s response was immediate:

Qube shares surged nearly 20% intraday to an all‑time high around A$4.89 before closing at roughly A$4.86, leaving a “deal spread” between the market price and the A$5.20 offer – typical in situations where investors are weighing completion risk or the chance of a higher bid. ^[13]

One News Corp summary described Qube as leading the day’s mid‑cap gains after the A$11.6bn proposal from Macquarie, underscoring just how central the stock was to Monday’s rebound. ^[14]

Why Qube matters so much

Qube is Australia’s largest integrated import–export logistics provider, with assets spanning ports, intermodal terminals, rail operations, bulk handling facilities and key projects such as the Moorebank Intermodal Terminal in Sydney. ^[15]

It also owns a 50% stake in Patrick, the country’s largest container terminal operator – a jewel asset for infrastructure investors. ^[16]

Analysts and financial press have repeatedly described Qube as one of the last major infrastructure‑style businesses still listed on the ASX, making it a prime target for deep‑pocketed global funds. ^[17]

In a statement today, Qube’s board indicated it is supportive of the proposal in the absence of a superior offer, while stressing that its recommendation remains subject to due diligence, an independent expert’s report and regulatory sign‑off. ^[18]

Qube chairman John Bevan welcomed the approach, saying the offer underlined the strength of the company’s assets and operations. ^[19]

Could a bidding war emerge?

Several analysts have flagged the potential for rival bidders – especially global shipping groups or infrastructure funds that are hungry for port and logistics platforms – to enter the fray given the strategic nature of Qube’s assets and the premium valuations placed on similar infrastructure globally. ^[20]

If Macquarie’s offer is ultimately successful, it would likely be the largest Australian deal of 2025 and further shrink the pool of listed infrastructure plays available to domestic investors, continuing a trend of big, yield‑rich assets being taken private. ^[21]

BHP walks away from Anglo American as Teck megamerger looms

While Macquarie was grabbing headlines in infrastructure, BHP (ASX: BHP) was reshaping the mining narrative.

From renewed interest to a decisive “no”

Over the weekend and into early Monday, reports emerged that BHP had rekindled its interest in London‑listed Anglo American, making a fresh approach that threatened to upset Anglo’s planned merger with Canada’s Teck Resources. ^[22]

However, by Monday BHP had confirmed that it is no longer considering a combination with Anglo after “preliminary discussions” with Anglo’s board, effectively ending this latest attempt to create a copper super‑major via acquisition. ^[23]

Under UK takeover rules, BHP’s formal withdrawal means it cannot make another bid for six months, significantly reducing “interloper risk” for Anglo’s shareholders ahead of their planned US$60 billion merger vote with Teck. ^[24]

Anglo–Teck background: the copper land grab

The proposed Anglo–Teck tie‑up, sometimes dubbed “Anglo Teck” in market coverage, would create one of the world’s largest copper producers, with around 1.2 million tonnes of annual production and a strong project pipeline in Chile and Peru. ^[25]

Advisory firm Glass Lewis recently backed the deal, arguing that Teck shareholders would gain exposure to a larger, more diversified critical‑minerals group with material cost synergies and a stronger growth profile than Teck could deliver alone. ^[26]

BHP’s renewed approach was widely seen as a last‑minute attempt to secure more copper exposure and derail a rival’s strategic pivot – but Anglo again held the line.

Investors to BHP: focus on your own growth projects

If Monday’s commentary is any guide, many investors are relieved BHP has stepped back.

In a separate Reuters piece, shareholders urged the miner to “move on” from Anglo and concentrate on its internal growth pipeline, including the delayed Jansen potash project in Canada and major copper developments in South America and Australia. ^[27]

Analysts note that since BHP’s first Anglo bid in 2024, copper prices have climbed sharply and Anglo has partially reshaped its portfolio through asset sales and restructuring, making any renewed bid both more expensive and more politically complex. ^[28]

BHP itself has emphasised that its organic growth plan remains “highly compelling”, signalling a preference – at least for now – for expanding existing assets and projects rather than pursuing transformative megamergers at rich valuations. ^[29]

On the day, BHP shares traded modestly higher, helped by firmer commodity prices and relief that management appears to be exercising capital discipline. ^[30]

What today’s moves mean for investors

1. Listed infrastructure is getting scarcer

If Macquarie succeeds in taking Qube private:

Investors lose one of the few pure‑play, large‑scale infrastructure stocks on the ASX, adding to concerns that domestic portfolios are becoming increasingly dependent on private and offshore vehicles for exposure to ports, rail and terminals. ^[31]
Infrastructure valuations – already rich thanks to low rates and yield demand – could be re‑rated higher as investors extrapolate Macquarie’s willingness to pay a near‑30% premium for Qube. ^[32]

For retail investors, the Qube bid is a reminder that “take‑private risk” cuts both ways: you may enjoy a premium today, but lose long‑term access to high‑quality, income‑generating assets.

2. Mining strategy is shifting from megadeals to execution

BHP’s decision to drop its Anglo pursuit – again – underscores a broader message from investors:

focus on execution, not empire‑building.

With copper and potash demand expected to remain strong as the energy transition accelerates, BHP has plenty on its plate without adding a complex Anglo/Teck integration to the mix. ^[33]

If the Anglo–Teck merger proceeds, BHP will face a larger rival in the copper space, but it can still compete effectively through disciplined capital allocation and operational performance.

3. Macro tailwinds are back – for now

Today’s rally also hinged on macro sentiment:

Markets are increasingly pricing in U.S. rate cuts, which tend to support risk assets, especially cyclical sectors like banks, miners and industrials. ^[34]
After a 2.5% drop last week, the ASX was primed for a bounce, and Monday’s mix of dovish expectations plus big corporate headlines provided exactly that trigger. ^[35]

The key question for the weeks ahead is whether Wednesday’s Australian inflation data and upcoming central bank commentary reinforce – or puncture – this newfound optimism.

Key numbers from 24 November 2025

S&P/ASX 200: 8,525.10, +1.3%, strongest session since 18 July ^[36]
Qube Holdings (QUB): up around 19–20%, record high near A$4.89, closing around A$4.86 after Macquarie’s A$5.20 bid ^[37]
Macquarie’s offer: A$5.20 per share, A$11.6bn enterprise value, ~27–28% premium ^[38]
Australian 2025 M&A volume: about US$72.7bn in deals announced so far, the highest in three years, with Qube among the year’s largest transactions. ^[39]

For investors watching ASX 200, BHP, Macquarie and Qube

For short‑term traders, today’s moves highlight how quickly sentiment can pivot when macro hopes (rate cuts) collide with micro catalysts (M&A and strategic pivots).

For long‑term investors, the bigger story is structural:

A steady migration of Australian infrastructure assets from public markets into private hands, and
A mining sector increasingly defined by capital discipline and targeted growth, rather than blockbuster mergers at any price.

Both themes are likely to shape Australian equity performance well beyond today’s bounce.

Why are ASX stocks CIMIC, NRW Holdings, Macquarie, BHP in news today?