Brazil Regulator Approves BHP’s $6.6 Billion Takeover of OZ Minerals
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Australian copper and gold producer OZ Minerals has received the clearance from Brazilian competition regulator for its A$9.6 billion ($6.61 billion) buyout by mining giant BHP Group.
The approval for BHP Lonsdale’s takeover of OZ Minerals via a scheme of arrangement has been issued by the Administrative Council for Economic Defense.
Last December, OZ Minerals signed a scheme implementation deed (SID) with BHP to formally proceed with the proposed takeover process.
The SID, which follows the completion of a four-week exclusive due diligence period, confirms the terms of the scheme of arrangement. This follows a non-binding indicative proposal made by BHP last November.
The scheme, however, is still subject to other conditions, including approval by an Australian court and OZ Minerals’ shareholders, who are due to cast their vote in April 2023.
“The combination of BHP and OZL’s assets, skills and technical expertise provides a unique opportunity not available under separate ownership, with complementary resources including the Oak Dam exploration prospect and existing facilities within close proximity, backed by BHP’s strong balance sheet, capital discipline and commitment to sustainable development,” said BHP CEO Mike Henry in December of the agreement.
About BHP
BHP is a leading global resources company. They extract and process minerals, oil and gas, with approximately 80,000 employees and contractors, primarily in Australia and the Americas. Their products are sold worldwide, with sales and marketing led through Singapore and Houston, United States. Their global headquarters are in Melbourne, Australia.
To stop by BHP’s website, CLICK HERE
About OZ Minerals
OZ Minerals Limited engages in the exploration, development, mining, and processing of mining projects in Australia. The company primarily explores for copper, gold, silver, nickel, iron oxide, zinc, and lead deposits. It owns and operates the Prominent Hill mine located in northern South Australia; the Carrapateena project located in South Australia; and the Antas mine located in the state of Pará in the northern region of Brazil. The company also holds interests in the West Musgrave copper-nickel project located in the Musgrave Province, Western Australia; Pedra Branca project located in the southern part of the Carajás in the state of Pará in the North of Brazil; and the CentroGold project located in the state of Maranhão in northern Brazil. In addition, it has interests in the Paraiso, Pantera, Lannavaara, Coompana, and Eloise properties. The company was incorporated in 1932 and is headquartered in Adelaide, Australia.
To stop by OZ Minerals’ website, CLICK HERE
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