Oz Minerals shares halted pending potential control change
Oz Minerals Ltd. has requested a trading halt pending an announcement in relation to a potential change-of-control transaction, three months after the copper miner rejected a A$8.4 billion ($5.7 billion) bid by BHP Group Ltd.
The securities will remain in the trading halt until the commencement of normal trading on Friday, or when the announcement is released to the market, Oz Minerals said in a statement to the Australian Securities Exchange on Wednesday.
BHP was the likely bidder, but it鈥檚 also possible it could be a new entrant because the mining giant hadn鈥檛 entered a trading halt, Shaw and Partners analyst Peter O鈥機onnor said in a note. The bidder would need to offer 鈥淎$30 a share or close to it,鈥 he said.
BHP鈥檚 initial offer for Oz Minerals was for A$25 a share. The company鈥檚 shares closed at A$26.30 in Sydney on Tuesday.
A spokesperson from BHP declined to comment.
BHP, which hived off its oil and gas assets this year, is seeking growth in commodities tied to trends including low-emissions transport and clean energy — particularly copper for renewables and nickel for lithium-ion batteries. The mining giant is also pouring billions of dollars into a giant new potash mine in Canada to enter the fertilizer sector.
(By聽James Fernyhough)
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