Shareholders are bracing for BHP Group (NYSE:BHP), the world's largest miner, to present a third and potentially final takeover bid for Anglo American, ahead of a critical regulatory deadline next week.

This anticipation builds even after Anglo American, the target of BHP's acquisition efforts, unveiled an aggressive restructuring strategy.

Anglo American has rejected two previous all-share offers from BHP, which included mandates to divest its listed South African enterprises, citing the move as creating "significant uncertainty" for its shareholders.

In a bold move on Tuesday, Anglo American announced it would exit its operations in diamonds, platinum, and coal to concentrate solely on copper and iron ore sectors—considered the group's most valuable assets.

However, sources close to both companies suggest that BHP may increase its offer.

BHP's CEO, Mike Henry, indicated at a recent mining conference that the decision should now rest with the shareholders, who need to judge which company's management will best deliver on these transformative strategies.

He also expressed reluctance to withdraw from the pursuit just yet.

As the May 22 deadline approaches, the industry watches closely to see if BHP can secure a deal.