The Australian company, OZ Minerals, rejected the takeover offer submitted by the BHP Group, the largest mining company in the world, as BHP sought to focus on base metals in the process of global transformation to a low-carbon economy, led by copper and nickel.
On Monday, OZ Minerals said in a statement that BHP's offer of A$25 per share significantly underestimated the value of Adelaide's mineral reserves and would not adequately compensate shareholders. The bid estimated OZ Corporation at $5.8 billion.
OZ Minerals CEO Andrew Cole said in the statement: “We have a unique portfolio of copper and nickel assets, with strong long-term growth potential. We are mining for minerals that are in strong demand especially in terms of global electrical transition and decarbonization.
BHP, which this year laid off its oil and gas assets, is seeking to add further growth in trend-related commodities including low-emission transportation and clean energy, particularly copper used in the power sector and nickel for lithium-ion batteries.
In turn, BHP CEO Mike Henry said in a statement that the proposal represented compelling value for shareholders of OZ Minerals, and the producer was disappointed that the Australian company's board had indicated it was not willing to accept the offer or allow the world's largest mining company to conduct a negative examination. for ignorance.
The share price in BHP's offering represents a 32% premium to OZ Minerals' closing price on Friday of A$18.92.
