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BHP Group Ltd on Monday said the Federal Court of Australia has approved its acquisition of Oz Minerals Ltd. The Melbourne-based diversified miner expects the A$9.6 billion, around $6.44 billion, takeover to become effective on Tuesday after lodging the court’s orders with the Australian Securities & Investment Commission. BHP said Oz shares will be suspended from trading on the Australian Securities Exchange from the close of trading on Tuesday. The acquisition is expected to be implemented on May 2 as planned. Oz shareholders will be paid total cash consideration of A$28.25 per share. Shares in BHP closed up 0.3% to A$46.61 on Monday in Sydney. Oz share rose 0.1% to A$28.18. The Australian court’s approval comes less than a week after Oz shareholders on Thursday last week okayed the deal, after the 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. 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. BHP had said in December it had expected conditions of the deal to be satisfied by August 31 of this year. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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