Anglo under pressure to reveal plans to fend off BHP as Elliott hikes stake

Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target. BHP, the world's biggest listed mining group, is privately talking to investors about a potential revised takeover bid as it weighs up next moves after an initial $39-billion gambit for its smaller competitor was rejected by Anglo last week. Elliott Investment Management meanwhile said in a stock exchange filing on Monday it had raised its position in London-listed Anglo to 2.6% from about 2.5% it disclosed on Friday.