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Bloomberg
BHP group Ltd has made a binding offer to acquire Australian copper producer OZ Minerals Ltd. for $6.4 billion, securing its biggest deal in more than a decade and boosting exposure to key materials used in clean energy and electric cars.
The A$28.25-a-share bid, first announced in November, will now go to shareholders for approval in late March or early April, BHP said in a regulatory filing. It comes nearly five months after OZ Minerals rejected its first offer of A$25 a share.
The deal, unanimously supported by OZ Minerals’ board, is set to consolidate BHP’s position as one of the world’s largest producers of copper, a core metal in the clean energy transition that’s expected to see demand soar by almost 60% over the next two decades.