(Reuters) – Anglo American (JO:) was pressed by key shareholders together with BlackRock to increase talks with BHP Group (NYSE:) over its proposed 38.6 billion pound ($49.18 billion) mining merger, the Monetary Occasions reported on Saturday.

BHP, the world’s greatest listed mining group, now has till Could 29 to make a agency bid for Anglo American or it is going to be pressured to stroll away for at the least six months below the UK’s takeover guidelines after it was granted a one-week extension on Wednesday.

BlackRock was amongst a handful of buyers that inspired significant negotiations with BHP, the FT mentioned, citing individuals near the state of affairs.

Two different vital shareholders, Ninety One and Sanlam Investments, additionally backed the choice to increase talks, regardless of issues a couple of deal construction that requires Anglo to spin off its stakes in its South African platinum and iron ore items, the newspaper added.

U.S.-based asset supervisor BlackRock owns a 9.6% stake in Anglo, in accordance with LSEG information, and can also be a BHP shareholder.

BHP will stand agency on the construction and worth of its newest takeover proposal, focusing as an alternative on allaying its goal’s issues round execution dangers over the approaching week, Reuters reported on Thursday.

The FT mentioned that in accordance with individuals conversant in BHP’s considering there was solely scope for “smaller, creative structures to better share the risks”.

Nonetheless, individuals near Anglo cited by the newspaper mentioned the construction wants altering or BHP should pay extra.

Anglo American, BHP Group and Blackrock (NYSE:) didn’t instantly reply to requests for remark.

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