Anglo American has rejected a $60 billion takeover offer by BHP claiming the mining giant had undervalued the London-listed miner.
BHP has less than a month under UK rules to make an offer or walk away.
Wood Mackenzie head of corporate, metals and mining James Whiteside has discussed BHP's bid on Anglo American and says he believes there is still time and room for an improved offer.
“I think what you’d look at is BHP playbook from the OZ Minerals transaction back in 2022 … they did have a bit more time to consult with stakeholders and build-up of valuation before going back with the final bid,” Mr Whiteside told Sky News Business Editor Ross Greenwood.
“Anglo really fired the starting gun on this whole process last week and the ball is really in BHP’s court as to how it wants to proceed.
“I expect they will use all the time that they have available to engage with their shareholders and wider government stakeholders to persuade them of the merits of the plan.
“When they come back with a new bid it will likely have some different terms perhaps a cash kicker, perhaps a bit more detail around the structure of the spin-offs that they're planning.”