JPMorgan said in a note published before the strategy update that Anglo's copper division is an "ace in the hole" after the group rejected the revised proposal from BHP yesterday. BHP still has until 22 May to make a formal offer under the UK Takeover Code or walk away for six months. JPMorgan said Anglo's "most likely value accretive strategic option available" would be a partial or full sale of its copper division, though it did not think Anglo's board would communicate this option as part of its defence strategy.