(Alliance News) - BHP Group PLC on Thursday said it has received a payment from Noront Resources Ltd in compensation for the Canadian nickel miner breaking its agreement to support a BHP takeover offer.
Noront has made a CAD17.8 million, about USD13.9 million, termination payment to BHP.
BHP on Tuesday kept its offer for Noront at CAD0.75 per share, which is 47% below rival Wyloo Metals Pty Ltd's proposal of CAD1.10. Wyloo said the Noront board supports its latest bid.
In a statement on Thursday, BHP said it has ended the agreement related to Noront's support of its takeover offer that had been signed back July 26, when Noront had indicated its support for the BHP offer.
On Tuesday, BHP said it would not bump up its offer for Noront to match the one on the table from Wyloo.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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BHP Group (BHP)