HP Group would need to boost its latest offer around 30% to reflect fair value for Anglo American and its key copper assets, JPMorgan analysts said in a note.

They raised their price target for London-listed Anglo to £27.75 a share after reexamining the value of its copper assets, and said the discount for the shares to the implied value of BHP’s offer was at its greatest level, implying the market sees a deal as unlikely.