Legal & General Investment Management, one of the 20 largest shareholders in Anglo American said an approach by BHP Group is “highly opportunistic” and “unattractive”.

“As with many other UK-listed companies, we believe the valuation of Anglo American to be depressed and regard the proposed exchange ratio as an unattractive proposition for long-term investors,” Nick Stansbury, head of climate solutions at Legal & General Investment Management (LGIM), told Reuters in an email on Thursday.