LONDON, May 20 Reuters Anglo American shareholder Legal General Investment Management LGIM supports the breakup plan announced by the company last week, it said on Monday, as the deadline approaches for BHP Group to log a formal takeover offer.

The radical plan to divest Anglo39;s less profitable coal, nickel, diamond and platinum businesses followed its rejection of two allshare takeover approaches from BHP, the world39;s biggest listed mining group, which had proposed a 43 billion deal on the condition that Anglo first spins off its South African operations.

The plan outlined by Anglo American is a radical but attractive strategy to create value for longterm investors, said Nick Stansbury, head of climate solutions at LGIM.

LGIM is among Anglo39;s biggest investors with a stake of about 2, LSEG data shows.

The execution of this plan will be challenging for management to deliver, but we are confident in their ability to do so over time, Stansbury added.

Under UK takeover rules, BHP has until 1700 GMT on Wednesday to make a binding bid for Anglo or it will be forced to walk away for at least six months. If the companies find an agreement in the meantime, an extension can be granted.

Anglo American and BHP Group declined to comment.

BHP Chief Executive Mike Henry told investors last week that Anglo shareholders must consider the benefits of a combination of the two companies and which team they think has a better track record of executing projects and…