The world’s top diversified miner BHP has made a third unsolicited conditional takeover proposal for smaller rival Anglo American on Wednesday, only hours before its initial deadline for a firm intention to make an offer expired.

The board of London-listed Anglo American rejected the latest proposal of £29.34 a share, but agreed to a one-week extension to the ‘put up, or shut up (PUSU)’ deadline under UK Takeover rules.