May 29 (Reuters) - BHP Group said on Wednesday it believes it needs more time to engage with takeover target Anglo American, a week after the London-listed miner rejected its 38.6 billion pounds ($49.20 billion) offer.

BHP, the world's largest listed mining group, also proposed a range of socio-economic measures to alleviate Anglo's concerns regarding the deal structure, which comprises Anglo unbundling its platinum and iron ore assets in South Africa.

($1 = 0.7845 pounds) (Reporting by Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu)