BHP shareholders see room for one more sweetened Anglo bid

Shareholders in BHP Group and takeover target Anglo American expect the world’s largest miner to come back with a third and improved proposal before a regulatory deadline next week, even after the smaller company laid out a bold restructuring plan of its own on Tuesday. Anglo has twice rejected all-share approaches from BHP that would require it to spin off listed South African businesses, arguing the proposal created “significant uncertainty” for shareholders. Instead, to counter the latest $43-billion move, it has said it will itself exit diamonds, platinum and coal, turning into a miner focused on copper and iron ore — crown jewels for the group.