The Times says Anglo American shareholders have rejected rival Xstrata's merger approach.
"All of Anglo's leading institutional investors are understood to have turned down Xstrata's nil-premium merger of equals," the paper says.
No great surprise perhaps given the initial market response -- which saw the Anglo premium widen over its rival mining group.
What is clear from the Anglo share price is that Xstrata's approach -- whether or not ultimately successful -- has jolted Anglo's shareholders into action, increasing the pressure on Anglo's management to up its game and reveal its hidden gems.
This dusting down process may already be underway, although Michael Rawlinson at Liberium thinks it is probably too little, too late.