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LONDON, July 21 (Reuters) - Miner Anglo American Plc sees no urgent need to demand rival Xstrata either submit a formal takeover bid, or walk away for six months, a source close to the firm said on Tuesday.
Anglo has rejected a proposal by Xstrata for a "merger of equals", and Anglo's incoming Chairman, John Parker, dismissed it on Monday as a distraction to management. Parker's statement sparked speculation Anglo had sought a "put up or shut up" ruling from UK takeover panel, but the source, who declined to be named, said that was not the case.
"We are convinced that there is no momentum, no traction behind Xstrata's proposal. In every sense they are going nowhere. Does it matter if they go nowhere fast or slowly?," the source said.
"There's a very clear view amongst the top 25 shareholders, they do not want Anglo to engage on a nil-premium proposal."
Anglo's annual results are due on July 31 and it will likely wait until Parker takes up his post on August 1 before deciding on whether to seek a "put up or shut up", the source said.
Requesting clarity from Xstrata might be a future option so management could get on with running the business, he said.
"The distraction point is a very real one. It is a weapon, it is a potent weapon in our locker at the moment," he added.
Xstrata has said it wants to engage with Anglo management to discuss possible merger synergies it has estimated at $1 billion, which is said would be in addition to an Anglo programme to cut costs by $2 billion by 2011. (Reporting by Eric Onstad; Editing by Andrew Macdonald)