Anglo American PLC (LSE:AAL) climbed on Friday morning after reports emerged that Glencore PLC (LSE:GLEN) was mulling a bid for the miner.
According to Reuters, Glencore is considering approaching Anglo with the view of taking over the company.
No offers have been made yet, according to Reuters-cited sources, with internal discussions said to be at a preliminary stage.
This comes after BHP Group Ltd (LSE:BHP, ASX:BHP)’s US$39 billion all-paper offer was rejected by Anglo last week.
Sources have since said another bid is being considered by BHP, with analysts having speculated that a bidding war could get underway, involving the likes of Glencore and BHP, as well as Rio Tinto PLC.
Anglo climbed 3.2% to 2,747p on the news.