Published on 18 Nov 2022 on Benzinga via Yahoo Finance
World's Top Miner Raises Offer For OZ Minerals, Close To Biggest Acquisition Since 2011
BHP Group Ltd (NYSE: BHP) has raised its offer for OZ Minerals Limited (OTC: OZMLF) to value the Australian miner at A$9.6 billion ($6.34 billion).Earlier, BHP offered to pay A$25/share. OZ Minerals said it intends to recommend that shareholders vote to favor BHP's revised offer.A completed deal would represent BHP's largest acquisition since 2011 when it bought Petrohawk Energy Corp for more than $12 billion, Wall Street Journal writes.In August, BHP Group was rebuffed in its A$8.34 billion takeover bid for OZ Minerals, in a setback as it pushes to secure copper and nickel assets for a shift into clean energy and the electric vehicles (EVs) market.OZ Minerals said the A$25 per share offer undervalued the nickel and copper miner and was "opportunistic" when copper prices and its stock price have fallen from recent peaks.BHP Chair Ken MacKenzie said, "BHP's proposal would provide value to BHP shareholders by increasing exposure to future-facing commodities, attractive synergies, and adding to our pipeline of growth options."BHP CEO Mike Henry said, "BHP's proposal represents a highly compelling offer for OZL shareholders, providing certainty at a time of macroeconomic uncertainty and market volatility, and increasing risks for the industry.Price Action: BHP shares are up 0.72% at $59.02 during the premarket session on the last check Friday.
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