(Updates)
** Miner Anglo American's shares reverse course, up 4.9% at 2,686p as of 1255 GMT
** Activist fund Elliott has built up a $1 bln position in Anglo American shares, according to a person with knowledge of the situation
** Elliott's stake build-up will make it one of the miner's top 10 shareholders - LSEG
** Anglo American shares were down 1% in morning trade after it rejected rival miner BHP Group's 31.1 bln pound ($39 bln) takeover proposal, saying the bid significantly undervalued the London-listed miner and its future prospects
** Anglo American shares had risen close to 30% this year through Thursday's close; they fell 39% in 2023
(Reporting by Prerna Bedi in Bengaluru)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616))
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