Top global miner BHP Group has won support from Oz Minerals' shareholders, as expected, to proceed with a A$9.6 billion ($6.4 billion) takeover of the Australian copper and gold producer.
shareholders, as expected, to proceed with a A$9.6 billion takeover of the Australian copper and gold producer.
Some 78.9% of proxy votes on behalf of Oz Minerals' investors were in favour of the takeover offer of A$26.50 cash from BHP and a A$1.75 special dividend paid to Oz Minerals investors, at a shareholder meeting in Adelaide on Thursday. The deal will add to BHP's copper exposure and raise its nickel prospects. It will bring in Oz Minerals' Carapateena copper mine, close to BHP's own Olympic Dam copper mine and smelting operations in South Australia.
Strategically it will also boost BHP's nickel supply through Oz Minerals' West Musgrave nickel project in Western Australia, where BHP is already producing nickel sulphate at its Nickel West operations. Its customers include TeslaThe final regulatory hurdle is approval from the Federal Court of Australia, which is slated to rule on Monday, April 17. If the deal is approved as expected, Oz Minerals shares will be suspended on April 18.
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