Australia’s OZ Minerals says it intends to recommend BHP’s revised offer valuing its equity at $6.34 billion
ADELAIDE, Australia—BHP Group Ltd.; green up pointing triangle raised its offer for OZ Minerals Ltd. to value the Australian miner at $6.34 billion, as it seeks to produce more copper and nickel needed for electric vehicles, wind turbines and solar farms.
OZ Minerals said it intends to recommend shareholders vote in favor of BHP’s revised offer of 28.25 Australian dollars, the equivalent of about $18.90, a share. A completed deal would represent BHP’s largest acquisition since 2011 when it bought Petrohawk Energy Corp. for more than $12 billion.
BHP, based in Melbourne, Australia, approached Adelaide-based OZ Minerals about a potential takeover in August, but its offer was quickly rejected by directors as too low.
On Friday, OZ Minerals said it had received a new proposal from BHP to buy the company. The latest offer represents an improvement on BHP’s initial proposal of 25 Australian dollars a share. OZ Minerals’s shares closed at 26.30 Australian dollars on Tuesday, the last session before trading in the stock was halted pending news of the transaction.
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