Forrest tops BHP bid in fight for Canadian nickel hopeful Noront – by James Thomson (Australian Financial Review – December 13, 2021)

Andrew Forrest’s private resources company Wyloo Metals has launched a third bid for Canadian nickel hopeful Noront Resources, after talks between Wyloo and rival bidder BHP failed to reach a compromise.

Wyloo has lifted its bid to $C1.10 a share, 47 per cent above the C75¢ bid BHP made in October. alks between BHP and Wyloo, which has a 37.2 per cent stake in Noront, had been running for about a month. Head of Wyloo Metals, Luca Giacovazzi, described the discussions as constructive but ultimately unsuccessful.

“We both tried to get to a transaction that fully reflected the value of the assets, but unfortunately, we couldn’t get there together,” he told The Australian Financial Review. “We’ve got a view on the value of these assets and if we don’t think BHP is going to pay that price, we’re not going to sell it.

“They’ll have to go back to the desk and form a view of what they think it’s worth, but we’ve got a very strong view of what we think it’s worth and that’s why we made the bid today.”

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