.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.
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