(Updates with details) LONDON, May 22 (Reuters) - Anglo...

(Updates with details)

LONDON, May 22 (Reuters) - Anglo American AAL.L on Wednesday rejected a third takeover proposal from BHP Group (BHP) that valued the company at 38.6 billion pounds ($49.18 billion), but opened the door to its rival by agreeing to a one-week extension to table a binding offer.

This is the third unsuccessful offer in a month from BHP, the world's biggest listed mining group, as Anglo works on a radical plan to divest less profitable coal, nickel, diamond and platinum businesses.

The 29.34 pound per share approach, based on undisturbed share prices as at the market close on April 23 and raised from an initial 25.08 pounds, is still conditional on Anglo unbundling its platinum and iron ore assets in South Africa, the country where it was founded and where it has deep roots, employing more than 40,000 people.

Anglo has previously dismissed this condition as a difficult structure to execute.

($1 = 0.7849 pounds)