January 09, 2023 | Materials | Australia | Ended
Looking to boost its exposure to critical metals used in clean energy and electric cars, BHP Group (“BHP”) is acquiring copper and nickel producer OZ Minerals. The companies signed a Scheme Implementation Deed (the “Deed”) on 22-Dec-22, which came after BHP completed four weeks of exclusive due diligence (extended by a week on 20-Dec-22). BHP initially made a non-binding, indicative offer for AUD 25 per share on 7-Aug-22, which was rejected by the target’s board for undervaluing the company. On 18-Dec-22, BHP sweetened the price to AUD 28.25 per share, representing a 49.3% premium to OZ Minerals’ closing price on 5-Aug-22, the last trading day prior to BHP’s first proposal. Due diligence was then granted on 21-Nov-22 and the deal is now definitive. The implementation date is expected to be mid to late April 2023 against a long-stop date of 31-Aug-23, and we will assume ...
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