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OZ Minerals Denies Report of Glencore Xstrata Takeover Approach

OZ Minerals Ltd., Australia’s third-largest copper producer, said Glencore Xstrata Plc has made no approach, following a newspaper report the Swiss commodity trader and metal company is weighing a takeover.

“The company advises it has not received a substantial shareholder notice from Glencore nor has OZ Minerals been approached by Glencore in regard to any proposal,” Melbourne-based OZ Minerals said today in a statement.

OZ Minerals gained as much as 6.7 percent in Sydney trading, the most since July 22, following a report in The Mail on Sunday yesterday that Glencore is considering making a 750 million pound ($1.2 billion) offer for OZ Minerals after buying a 10 percent stake in the company. The U.K. newspaper didn’t identify its source of the news.

The shares, down 34 percent this year, closed at A$4.43 after the company said it hadn’t received any contact from Glencore. Australia’s benchmark S&P/ASX 200 Index declined 1.4 percent.

Glencore doesn’t “comment on market rumor or speculation,’ Charles Watenphul, a spokesman for the Baar, Switzerland-based company, said today in an e-mailed statement. Under Australia’s Corporation Act, a shareholder acquiring a stake of 5 percent or more of a company must inform the company and relevant market operator within two business days.

Glencore Chief Executive Officer Ivan Glasenberg said in May the company may study ‘‘opportunistic” deals. OZ Minerals, which has a market value of A$1.36 billion ($1.27 billion), reported a first-half loss and took a A$232 million writedown in July at its Prominent Hill mine in South Australia, its only producing asset.

Peter Grauer, the chairman of Bloomberg LP, the parent of Bloomberg News, is a non-executive director of Glencore Xstrata.

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