Oz Minerals CEO: Shareholders Back Rejection of BHP Takeover


By Rhiannon Hoyle WSJ Oz Minerals chief executive on Friday stated shareholders backed the copper-and-gold miner's decision to swiftly reject a takeover approach from BHP Group.

BHP proposed buying the Adelaide, Australia-based miner for $25 AUD a share, but Oz Minerals' board dismissed the price as too low and opportunistic. The miner's stock has jumped to more than $26 AUD a share, from roughly $19 AUD a share before BHP's offer.

"I have since met with nearly all of our largest shareholders and it has been unanimous," Oz Minerals Chief Executive Andrew Cole told reporters. "Our shareholders have supported us in the rejection of that bid and they are supporting us in the growth strategy that we've mapped out for a long time now and that we continue to execute."

A spokesman for BHP couldn't immediately be reached for comment. At the time, BHP Chief Executive Mike Henry said he was disappointed Oz Minerals' board wouldn't entertain the mining giant's offer.

Andrew Cole MD & CEO Oz Minerals Limited

 

Mr. Cole declined to say whether he had held discussions with possible rival suitors. "As far as we are concerned, we are business as usual," he said.

West Musgrave Nickel-Copper Project in Western Australia


Mr. Cole said the miner has received strong interest from companies seeking involvement in or supply agreements for its West Musgrave nickel-copper project in Western Australia. Oz Minerals plans to make a final investment decision on the West Musgrave project before the end of this year. Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

9 views0 comments

Recent Posts

See All