BHP, looking to get in on copper demand that it sees doubling in the next three decades, bid roughly $5.8 billion for Oz Minerals, but was turned away
BHP, seeking to produce more metals for EVs, renewable-energy infrastructure, sees its bid for an Australian copper-mining company turned away
BHP's Olympic Dam copper mine is in South Australia, like two of Oz Minerals' copper-and-gold mining operations.ADELAIDE, Australia—Copper miner Oz Minerals Ltd. rejected a takeover approach by BHP Group Ltd. , which is seeking to boost its output of a metal needed for electric vehicles, wind turbines and solar farms.
Adelaide-based Oz Minerals said Monday it had received a proposal on Friday from BHP to buy the company for 25 Australian dollars a share. That price, equivalent to about $17 a share, values the company at almost 8.4 billion Australian dollars, or roughly $5.8 billion.
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