The world’s largest miner, BHP, has been warned not to lob a “value destructive” improved bid for Anglo American and risk over-paying to secure the coveted copper assets contained in the beleaguered London-listed target’s empire.

Shares in BHP have declined 5.2 per cent since it made the $60 billion bid for Anglo American that was swiftly rejected last week, raising the prospect of a better deal being extracted from BHP. The value fluctuates with BHP’s share price.