BHP gets court approval for OZ Minerals takeover

17th Apr 2023 09:19

(Sharecast News) - Australia's Federal Court has approved BHP's $6.4bn takeover of copper producer OZ Minerals, the mining giant said on Monday.

The court approval follows overwhelming support from OZ Minerals shareholders for the deal - almost 99% voted in favour - which is the third largest in global mining in recent months.

Shares in Oz Minerals will be suspended from trading on the local bourse at the close of trading on Tuesday. The company recommended shareholders accept an improved AUD $28.25-a-share offer after rejecting an initial bid of AUD $25 in August.

The offer price includes a special dividend of $1.75 to be paid by OZ Minerals to shareholders on May 2.

Oz Minerals has ramped up its AUD $1.7bn West Musgrave project, near Western Australia's border with South Australia and the Northern Territory.

The nickel and copper mine was given the go-ahead in September and expected to create about 1,500 jobs during construction, and 400 once operational in the second half of 2025.

Reporting by Frank Prenesti for Sharecast.com