.OZMinerals has rejected a A$8.4bn takeover offer from BHP copper nickel BatteryMinerals mining resources acquisitions Australia
PERTH – Copper miner Oz Minerals has rejected a surprise A$8.4-billion takeover bid from diversified miner BHP.
BHP submitted a non-binding indicative proposal to Oz Minerals at the end of last week, to acquire all of the company’s shares at a price of A$25 a share. The offer represented a 32.1% premium to Oz Minerals’ closing price on August 5, and a 41.4% premium to the company’s 30-day volume weighted average share price.
“We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations. We are mining minerals that are in strong demand particularly for the global electrification and decarbonisation thematic and we have a long-life resource and reserve base. We do not consider the proposal from BHP sufficiently recognises these attributes,” Cole said.
He added that the offer from BHP also did not reflect the potential synergies that could be derived from a combination of the assets, including operational synergies in South Australia, between the Olympic Dam, Carrapateena and Prominent Hill assets, or in Western Australia, between the Nickel West and West Musgrave operations.
Oz Minerals told shareholders that the indicative proposal from BHP was highly opportunistic, coming at a time when the LME copper price and the company’s share price had fallen from their recent peaks in March and January respectively, and that Oz Minerals had consistently traded above the proposed offer price for the equivalent of more than five of the last 12 months.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘You could see the culture’: Fosse, Vucinich and others to be inducted into A’s Hall of FameThe late Oakland A’s broadcaster, alongside five others, will be inducted into the A’s Hall of Fame before Sunday’s game against the Giants.
Read more »
Full house beating – Packed coliseum sees A’s trampled by San Francisco40,065 attend A’s 7-1 loss against the San Francisco Giants as Rodon dominates
Read more »
Pair of Mike Yastrzemski home runs lift Giants to series sweep of A’sSF Giants beat A’s with a two home run game from Mike Yastrzemski, Logan Webb gem.
Read more »
Kiszla: From Paul Stastny to Jonathan Toews, Avs should explore options to replace Nazem KadriColumnist MarkKiszla holds these truths to be self-evident... No. 1: From St. Louis to Tampa, Nazem Kadri was the emotional heartbeat of the Avs’ Stanley Cup run. No. 2: The market has made it clear: The best year of Kadri's career was an outlier.
Read more »
India Freezes Crypto Exchange Wazirx's Bank Assets — Binance Claims Acquisition of Wazirx Was 'Never Completed' – Exchanges Bitcoin NewsIndia has frozen bank assets of crypto exchange Wazirx. Binance says it would be happy to work with the Indian authority 'in any way possible.' CZ cryptocurrency bitcoin
Read more »
Giants make series of roster moves ahead of game against A’sSF Giants reinstate Thairo Estrada, claim outfielder off waivers from Texas Rangers.
Read more »