Anglo American has engaged Goldman Sachs, Morgan Stanley, and Centerview Partners for the sale of its steelmaking coal assets, which analysts estimate could fetch up to $5 billion.

This move is part of a broader restructuring strategy aimed at countering a takeover approach from rival BHP (NYSE:BHP), according to sources close to the matter.

In May, Anglo American CEO Duncan Wanblad announced the impending sale of the company's five operating coal mines, development projects, and joint ventures in Australia.

This divestment is part of a strategy to shed less profitable assets and focus on increasing copper production following BHP's unsuccessful takeover attempt.