01:32 PM EDT, 05/20/2024 (MT Newswires) -- BHP Group ( BHP ) has less than 48 hours to decide whether to continue its pursuit of Anglo American after one of its largest shareholders supported a slimmed down Anglo American, the Financial Times reported Monday.

Anglo America last week rejected BHP's most recent acquisition offer, and under UK takeover rules, BHP has until Wednesday to make a new buyout offer, the publication reported.

The day after rejecting the offer, Anglo disclosed plans to shed several of its operations for a simplified portfolio.

The divestment proposal has received support from Legal & General Investment Management, with Nick Stansbury, the head of climate investing at Legal & General, describing the plan to FT as "a radical but attractive strategy to create value for long-term investors."

Anglo American deferred MT Newswires to its past statements regarding the BHP offers and its divestment strategy. The company said the proposed divestments, which includes its steelmaking and nickel operations, and the "demerging" of its Platinum and De Beers diamonds businesses in South Africa, are "compelling and decisive."

Legal & General Investment Management and BHP did not immediately respond to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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