BHP’s sweeter $9.6b offer for OZ Minerals wins over board
BHP has finally won over the board of takeover target OZ Minerals as the Big Australian looks to expand its portfolio of so-called future-facing commodities.
OZ Minerals emerged from a two-day trading halt on Friday announcing it had received an improved offer of $28.25 a share from BHP, valuing the company at $9.6 billion.
BHP is hoped OZ’s Prominent Hill and Carapeteena copper mines in South Australia can offer synergies with its existing Olympic Dam mine and Oak Dam project.
Copper is seen as a key metal in the energy transition due to its importance in electricity networks, renewable energy and electric vehicles.