OZ Minerals

2022 - 8 - 8

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OZ Minerals rejects BHP's $8.3bn takeover offer (Small Caps)

OZ Minerals (ASX: OZL) has turned down an $8.4 billion takeover bid by mining giant BHP (ASX: BHP) as it claims the offer significantly undervalues the ...

We do not consider the proposal from BHP sufficiently recognises these attributes,” he said. In addition, OZ Minerals said it would deliver “significant” synergies and benefits to BHP including operational synergies in South Australia (between Olympic Dam, Carrapateena and Prominent Hill) and Western Australia (between Nickel West and West Musgrave), and the opportunity for BHP to grow and diversify its global copper portfolio. While BHP described the offer as “compelling” for being a 41.4% premium to OZ Minerals’ 30-day VWAP, OZ Minerals noted it was only 13.1% higher than the company’s VWAP in the last six months. In response to the rejection, BHP chief executive officer Mike Henry said he was “disappointed” that the board of OZ Minerals is not willing to entertain the company’s “compelling” offer or provide BHP with access to due diligence in relation to its proposal. OZ Minerals also noted it is the only primary copper company in the ASX100 and its assets have a comparatively low carbon intensity with plans for further decarbonisation to meet a target of net zero scope one and two operational emissions by 2030. OZ Minerals managing director and chief executive officer Andrew Cole said the board carefully assessed the offer with the help of financial and legal advisors, concluding that it “significantly undervalues” the company and is not in the best interests of shareholders.

Oz Minerals rejects BHP takeover bid, while ASX is little changed (ABC News)

Copper and nickel miner Oz Minerals rebuffs an $8.3 billion takeover bid from BHP, while the Australian share market struggles for direction.

The S&P 500 index fell 0.16 per cent to 4,145, the Dow Jones index rose 0.2 per cent to 32,804, and the Nasdaq Composite fell 0.5 per cent to 4,145. In early trade, the All Ordinaries Index fell 0.2 per cent to 7,234, while the ASX 200 index also dropped 0.2 per cent to 6,999. The company also said the offer came at a time when the LME copper price and OZ Minerals share price had fallen from their recent peaks in March and January. The All Ordinaries index was flat at 7,251, while the ASX 200 index fell 0.07 per cent to 7,011 at 12:30pm AEST. Oz Minerals (+34.3 per cent) was the best performer in the ASX 200, followed by lithium firm Lake Resources (+9.1 per cent) and copper miner Sandfire Resources (+7.2 per cent). Oz Minerals said the $25-a-share unsolicited and conditional takeover bid was "highly opportunistic" and significantly undervalued the company. Aurizon said net profit for 2022 fell 15 per cent to $513 million because of lower freight volumes and fees, and the purchase of coal freight firm One Rail. Home lending rose 9 per cent and the company saw record growth in insurance premiums over the second half of the year. - The All Ordinaries was flat at 7,251, while the ASX 200 index fell 0.07pc to 7,011 at 12:30pm AEST - The S&P 500 fell 0.16pc to 4,145, the Dow Jones index rose 0.2pc to 32,804, and the Nasdaq fell 0.5pc to 4,145 The Australian dollar rose 0.2 per cent to 69.26 US cents at midday Miner Oz Minerals has rejected a takeover bid from mining giant BHP, and the Australian share market has a slow start to the week.

Oz Minerals rejects $8bn BHP takeover bid - InDaily (InDaily)

The board of South Australian copper and nickel miner Oz Minerals has rejected an $8.4 billion takeover bid from global mining giant BHP.

Please click below to help InDaily continue to uncover the facts. “OZ Minerals has consistently traded above the proposed offer price for the equivalent of more than 5 of the last 12 months,” Oz Minerals told the ASX. “Our proposal represents compelling value and certainty for OZ Minerals shareholders in the face of a detrioating external environment and increase OZL operational and growth-related funding challenges,” he said.

OZ Minerals share price on watch after miner rejects BHP's $25 per ... (Motley Fool Australia)

The OZ Minerals Limited (ASX:OZL) share price could be on the move today after the miner rejected a $25 per share takeover offer from BHP Group Ltd ...

We are mining minerals that are in strong demand particularly for the global electrification and decarbonisation thematic and we have a long-life Resource and Reserve base. However, that wasn’t enough for the OZ Minerals board. We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations.

BHP rebuffed in $5.8 bln takeover bid for OZ Minerals (Reuters)

BHP Group was rebuffed in its A$8.34 billion ($5.8 billion) takeover bid for OZ Minerals on Monday, in a setback as it pushes to secure copper and nickel ...

The key risk for OZL shareholders is whether BHP remains disciplined, as we somewhat saw with the Noront transaction." Register now for FREE unlimited access to Reuters.com read more Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com Aug 8 (Reuters) - BHP Group (BHP.AX) was rebuffed in its A$8.34 billion ($5.8 billion) takeover bid for OZ Minerals (OZL.AX) on Monday, in a setback as it pushes to secure copper and nickel assets for a shift into clean energy and the electric vehicles market.

Oz Minerals turns down BHP's $8.4b takeover offer (The Sydney Morning Herald)

Mining giant BHP has launched an $8.4 billion offer to buy Australian copper and nickel miner Oz Minerals in its latest push to secure more supplies of raw ...

Oz Minerals’ South Australian mines are located either side of BHP’s massive Olympic Dam copper hub, which BHP believes could drive significant synergies. “Our proposal represents compelling value and certainty for OZ Minerals shareholders in the face of a deteriorating external environment and increased Oz Minerals operational and growth-related funding challenges.” Oz Minerals chief executive Andrew Cole said the company had a unique set of copper and nickel assets in high-quality locations.

BHP Returns to Major M&A in Hunt for EV and Clean Energy Metals (Bloomberg)

BHP Group was rebuffed in a takeover approach for OZ Minerals Ltd. as the world's top miner returns to major dealmaking in a hunt for copper and nickel ...

That is too low for a company with significant growth prospects in coveted commodities, Adelaide-based OZ Minerals said Monday in a statement. BHP Group was rebuffed in a takeover approach for OZ Minerals Ltd. as the world’s top miner returns to major dealmaking in a hunt for copper and nickel assets vital to the shift to electric transport and clean energy.

Oz Minerals rejects BHP's 'opportunistic' $8b takeover bid - InDaily (InDaily)

South Australian copper and nickel miner Oz Minerals has knocked back a takeover bid from global mining giant BHP, saying the $8b offer is undervalued and ...

Please click below to help InDaily continue to uncover the facts. “We are disappointed that the Board of Oz Minerals has indicated that it is not willing to entertain our compelling offer or provide us with access to due diligence in relation to our proposal.” “Oz Minerals has fulfilled its obligations under the grant to move its headquarters to Adelaide,” she said. Oz Minerals is a major player in the South Australian mining sector and operates South Australian copper-gold mines at Prominent Hill and Carrapateena. It also has mines in Brazil. “Oz Minerals has consistently traded above the proposed offer price for the equivalent of more than five of the last 12 months.” “The Board has unanimously determined that the Indicative Proposal significantly undervalues OZ Minerals and, as such, is not in the best interests of shareholders,” the company said in a statement this morning.

OZ knocks back BHP takeover advances - Australian Mining (Australian Mining)

OZ Minerals has rejected a takeover bid from BHP Group for $25 per share in cash via scheme of arrangement.

We are mining minerals that are in strong demand particularly for the global electrification and decarbonisation thematic and we have a long-life Resource and Reserve base. “We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations. In addition to the above, OZ Minerals would deliver significant synergies and other benefits to BHP which the Board considers are not reflected in the value of BHP’s Indicative Proposal. These include:

OZ Minerals in play, as A$5.8bn dollar from BHP is rejected (Proactive Investors Australia)

OZ has significantly-sized mines in Australia and South America.

"We are disappointed that the Board of OZL has indicated that it is not willing to entertain our compelling offer or provide us with access to due diligence in relation to our proposal." BHP said the offer price represents a premium of 32.1% to OZ's closing price of A$18.92 per share on 5 August 2022, and a premium of 41.4% to OZ's 30-day volume-weighted average price of A$17.67 per share up to and including 5 August 2022. "Our proposal represents compelling value and certainty for OZ Minerals shareholders in the face of a deteriorating external environment and increased OZL operational and growth related funding challenges,” said BHP chief executive Mike Henry.

OZ Minerals in play as A$5.8bn dollar bid from BHP rejected (Proactive Investors Australia)

OZ has significantly-sized mines in Australia and South America.

Oz Minerals rebuffs BHP's $5.8bn offer (Financial Times)

BHP has seized on the slump in commodity prices to launch an A$8.4bn (US$5.8bn) cash offer for Australian rival Oz Minerals, as the world's biggest miner ...

BHP Announces Non-Binding Indicative Proposal to Acquire OZ ... (BHP)

BHP's Proposal to acquire all of OZL's shares for cash consideration of A$25.00 per share¹, represents a compelling value proposition for OZL shareholders. The ...

BHP’s Proposal is subject to certain conditions including completion of confirmatory due diligence to the satisfaction of BHP, entry into a scheme implementation agreement and a unanimous recommendation from the OZL Board that OZL shareholders vote in favour of the Proposal in the absence of a superior proposal. The consideration represents an attractive premium of: BHP’s Proposal represents a significant premium to the market value of OZL at the time the Proposal was submitted, at a price that was materially above the average broker price targets.

OZ Minerals 'completely in play': Broker on BHP takeover bid (Motley Fool Australia)

The OZ Minerals Limited (ASX:OZL) share price rocketed higher on Monday after the miner rejected a takeover bid from BHP. What's next?

We also believe this will be seen as an initial offer from BHP and that institutions will want to be compensated for the lack of large-cap investable copper producer options on the ASX. In the first instance, we expect a higher cash bid from BHP as the deal makes strategic sense and offers production growth in a secure jurisdiction. They rejected the offer on the belief that it “significantly undervalues OZ Minerals.”

OZ Minerals

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