Mining giant BHP announced yesterday that it was given until December 27 to finalise the terms of its takeover of Australian copper and nickel producer Oz Minerals Limited (OZL).
In a statement the group said: “In accordance with the terms of the Confidentiality and Exclusivity Deed, the exclusivity period has been extended for a further week, until Tuesday, December 27, 2022.”
According to the miner, this follows confirmation by BHP to OZL of the completion of due diligence, and the proposed cash price of A$28.25 (R326.98) per OZL share.
In November, BHP entered into a confidentiality and exclusivity deed with Oz Minerals in relation to the non-binding indicative proposal to acquire 100% of OZL by way of a scheme of arrangement for a cash price of A$28.25
“The extension allows for finalisation and agreement of the binding scheme implementation (SID),” the group said.
The group said the terms of any SID are subject to the OZL board approval as well as BHP’s board approval.
“There is no guarantee that any transaction will eventuate or proceed at this stage,” it said.
BHP announced that it was planning to acquire OZL to boost its supplies of copper and nickel.
OZL has two copper and gold mines in South Australia, Carrapateena and Prominent Hill.
BUSINESS REPORT