Mining giant BHP has won agreement from the board of OZ Minerals, the largest pure-play copper miner on the ASX, for a $9.6 billion buyout after lifting its takeover bid by 13 per cent some 15 weeks after making an original offer that was spurned as too low.
The agreed deal will fast-track BHP’s exposure to copper, with JP Morgan projecting the metal could make up 40 per cent of BHP’s earnings by 2030, from 25 per cent in 2024.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
