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(Alliance News) - BHP Group Ltd on Tuesday said it had completed its acquisition of Oz Minerals Ltd in a deal valued at AUD9.60 billion, around USD6.44 billion.
The Melbourne-based diversified mining group said Oz shareholders had received total cash consideration of AUD28.25 per share. It funded the takeover using a combination of cash from reserves and a debt facility.
Oz had on Tuesday applied to be removed from the Australian Securities Exchange, BHP said. The delisting of the gold, copper and nickel miner is expected on Wednesday. Oz owns and operates the Prominent Hill and Carrapateena mines in South Australia. It also has an interest in the Pedra Branca copper-gold mine in Brazil.
Back in November, BHP upped its non-binding indicative takeover offer for Oz to AUD28.25 per share in cash. This represented a premium of 49% to Oz's closing price of AUD18.92 per share on August 5, when BHP tabled its initial offer.
BHP Chief Executive Mike Henry said this Oz acquisition strengthened the group's portfolio in copper and nickel and was in line with its strategy to meet increasing demand for the critical minerals needed for electric vehicles, wind turbines and solar panels to support the energy transition.
"Combining our two organisations will provide options for growth, bring new talent and innovation to unlock these resources in a sustainable way, and deliver value to shareholders and communities," Henry said.
Shares in BHP were down 1.0% to AUD43.73 on Tuesday afternoon in Sydney.
By Artwell Dlamini, Alliance News reporter
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