Australian miner looking to buy Anglo American will decide whether it is willing to increase its £34 billion bid

The Australian miner that wants to buy Anglo American will decide this week whether it is willing to increase its £34 billion bid.

Melbourne’s BHP has until 5pm on Wednesday to make a bid for the FTSE-100 rival.

Anglo’s board has rejected two bids so far – the first at £31 billion – saying they had ‘significantly undervalued’ it.

The suitor will make a decision on whether to submit an improved offer early this week after a weekend of talks described as ‘edge-of-the-edge’ according to the Sunday Times.

BHP boss Mike Henry spent a few days at a major mining conference in Miami, gauging interest from English investors for a desirable price.

Digging deep: BHP is close to making a decision on submitting an improved bid after a weekend of talks described as ‘on the edge’

It wants Anglo to spin off parts of its operations so it can take over its copper mines for itself. But top UK investors have said they would prefer a less complicated deal.

Duncan Wanblad, the England boss, has tried to fend off the takeover. He plans to divest De Beers’ diamond business, South African platinum business and coking coal and nickel business.

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