Investing.com — Shares in BHP Group (ASX:BHP) reached a three-month high in Australian trading on Tuesday as the deadline approached for the world's largest miner to sumbit a new formal bid for rival Anglo American (JO:AGLJ).

Analysts cited by Reuters said that BHP shares have been boosted in part by growing predictions that the company will not make another offer for Anglo. Surging copper prices and fresh stimulus for China's ailing property sector were also seen as a catalysts for the stock.

BHP has until 1600 GMT on Wednesday to put forward another proposal for Anglo American. An extension can be established if the two firms reach an agreement. If not, BHP will need to wait for at least six months before unveiling a fresh bid.

Anglo's board of directors has already rejected two all-share offers from BHP, including an improved $43 billion offer submitted last week, saying they were inadequate and difficult to execute.

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