BHP39;s bid for Anglo exposes its portfolio39;s fault lines
Anglo investors want BHP to top up share offer with cash

LONDONJOHANNESBURG, May 24 Reuters BHP39;s resolve to add more copper to its portfolio will be tested by Anglo American investors39; demands for a simpler offer for the whole company or a cash sweetener to clinch a deal that could become the biggest in mining history.

Anglo on Wednesday gave BHP, the world39;s biggest listed miner, additional time to present a binding offer, after rejecting three takeover proposals which it said undervalued the company and would be difficult to execute.

The oneweek window offers BHP another shot at beating Anglo CEO Duncan Wanblad39;s restructuring plan by convincing those concerned about the value and structure of the deal, investors and analysts told Reuters.

The Australian miner is battling to secure Anglo39;s world class and longerlife copper assets in Latin America. Still, the complicated structure of its deal, pushback from the Anglo board and investors39; demands for a bigger payout, will test how far it39;s willing to go to get the assets, they say.

BHP39;s deal initially offered Anglo investors the prospect of an early payout compared to their own company39;s breakup plan, but investors are starting to poke holes in BHP39;s asset portfolio and how much it needs to build its copper business.

BHP wants to reposition its portfolio sooner rather than later or it will get priced out of future deals as its paper…