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BHP Group Ltd said on Thursday its A$9.6 billion, around $6.44 billion, takeover of Oz Minerals Ltd inched closer, after Oz shareholders approved the offer. The Melbourne-based diversified miner said Oz shareholders gave the thumbs-up on Thursday, paving the way for the group to acquire 100% of Oz. The Oz board had unanimously recommended the offer. Back in November, BHP increased its non-binding indicative takeover offer for Oz to A$28.25 per share in cash. This represented a premium of 49% to Oz’s closing price of A$18.92 per share on August 5, when BHP tabled its initial offer. BHP said on Thursday the deal now required the approval of the Federal Court of Australia. Oz is expected to apply for court orders approving the transaction on Monday next week. If approved by the court, the scheme is expected to become effective on Tuesday next week and be implemented earlier than thought on May 2, BHP said. BHP had said in December it expected conditions of the deal to be satisfied by August 31, 2023. ‘This is a strong endorsement from OZ Minerals shareholders on the value they will receive under the scheme and the hard work of the OZ Minerals team over many years to create a successful business,’ BHP Chief Executive Mike Henry said. ‘We look forward to bringing together our talent and resources to create an even stronger organisation,’ he said. Oz is a gold, copper and nickel miner. It owns and operates the Prominent Hill and Carrapateena mines in South Australia. It also has an interest in the Pedra Branca copper-gold mine in Brazil. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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