Reports suggest that mining giant Glencore is contemplating a takeover bid for Anglo American, potentially igniting a high-stakes bidding war for the company.

This speculation has already prompted a notable 3% surge in Anglo American's share price, positioning it as the top performer on the FTSE 100 and contributing to the index reaching a historic high of 8,215 points.

With Anglo's market valuation soaring to approximately £37bn, surpassing the proposed £31bn takeover offer from Australian miner BHP, which was recently rebuffed by Anglo's board as both "opportunistic" and "unattractive," the stage is set for intense corporate maneuvering.

Although Switzerland-based Glencore is reportedly weighing a rival bid for Anglo, it remains uncertain whether such a move will materialize, as per Reuters, the source that initially broke the news.