BHP has raised its offer for Canadian nickel explorer Noront Resources by $128 million as it tries to wrest control of the company off billionaire Andrew Forrest.
BHP told Noront investors on Wednesday it was willing to pay C75¢ for each share in the company, under a proposal that values Noront at about $C443 million ($480.7 million).
The improved offer by BHP comes barely 24 hours after Mr Forrest’s company Wyloo Metals secured the support of the Noront board for its C70¢-per-share offer. The Noront board has now swung its support behind BHP.
Toronto-based Noront has acreage ringing James Bay in northern Ontario that is expected to be prospective for many metals, particularly nickel. But there is no infrastructure nearby, meaning its assets are many years away from being developed, if at all.
For the rest of this column: https://www.afr.com/companies/mining/bhp-raises-forrest-in-canadian-nickel-battle-20211020-p591js#:~:text=BHP%20raises%20Forrest%20in%20Canadian%20nickel%20battle%20Peter,control%20of%20the%20company%20off%20billionaire%20Andrew%20Forrest.