BHP Group Limited → OZ Minerals Limited
announcedBHP and OZ Minerals entered a scheme implementation deed for BHP to acquire 100% of the Adelaide-based copper and nickel miner for $28.25 cash per share, after BHP's initial $25.00 per share approach was rejected in August 2022. The deal completed in May 2023.
BHP wanted to expand its copper and nickel exposure — commodities central to electrification and the energy transition — and saw OZ Minerals' South Australian copper assets as complementary to its existing Olympic Dam operations.
OZ Minerals initially rejected BHP's $25.00 per share approach as "highly opportunistic" and undervaluing its copper and nickel assets, but its board unanimously recommended the improved $28.25 per share offer after a period of exclusive due diligence.
OZ Minerals shares rose toward the offer price following the November 2022 announcement of the final agreed terms, after having risen on the initial unsolicited approach in August 2022 as well.
Deal mechanics
All-cash scheme of arrangement at $28.25 per share
OZ Minerals shareholder vote and Federal Court approval (obtained April 2023); FIRB approval