Anglo American Plc has hired 3 investment banks to fend off a possible takeover bid from the billionaire owner of Vedanta Sources Ltd, Anil Agarwal, the Telegraph reported, citing unidentified men and women.

Agarwal has previously stated he had no intention to take more than the miner, but bankers consider he is now operating with adviser JP Morgan Chase &amp Co to assistance finance a bid as quickly as September, the British newspaper mentioned.

Anglo American’s defence advisers, Morgan Stanley, Goldman Sachs Group and Centerview Partners LLC, are mentioned to program attacks on the high quality of Vedanta’s portfolio compared to Anglo’s assets, when Agarwal’s environmental track record is also most likely to come beneath scrutiny, according to unidentified men and women cited by the Telegraph.

The mining tycoon improved his stake in Anglo American to extra than 20% in September 2017 via a mandatory convertible bond maturing in 2020. While Agarwal’s intentions are unclear, the approaching deadline is mentioned to have place Anglo’s management on higher alert, the Telegraph mentioned.