BHP shareholders yesterday urged the mining giant to increase its bid for Anglo American in another takeover battle affecting the City.
The Australian company is working on a revised offer after its mining rival last week rejected a £31bn approach.
Analysts said the offer must be more than £40bn to tempt Anglo to accept the deal.
A bidding war could push up valuations: Glencore and Rio Tinto are seen as companies that could swoop in with a rival bid.
Anglo was forced this weekend to defend chairman Stuart Chambers, who has overseen the sale of several blue-chip companies to foreign buyers, including Cambridge-based chip designer Arm.
Takeover battle: Australian mining giant BHP is working on a revised bid after its mining rival last week rejected a £31bn approach.
BHP investors told Reuters they see value in a deal with Anglo because of its copper assets.
The combined company would be the world’s largest copper producer at a time when demand for the metal has skyrocketed.
Shareholders said they are open to a bigger bid to win the London-listed company’s board.
“We would possibly support it if BHP increased its offer,” said one shareholder.
An offer of more than £30 a share (valuing Anglo at more than £40bn) could “influence the decision”, the analysts said.
And Jamie Maddock, energy analyst at Quilter Cheviot, suggested Rio Tinto and Glencore could make a rival bid.
“These industry giants have the capital and strategic interest to participate in such an important transaction,” he said.