Mining Magnate Trumps BHP in Duel for Canadian Nickel Group
- Forrest’s Wyloo Metals lifts offer for Noront to C$0.70/share
- Global miners are looking to boost their exposure to nickel
Andrew Forrest
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Andrew Forrest, the billionaire founder of iron ore giant Fortescue Metals Group Ltd., upped his bid to acquire a nickel miner active in Canada’s highly-prospective Ring of Fire region to trump an offer from BHP Group.
Forrest’s Wyloo Metals Pty Ltd. offered to buy Noront Resources Ltd. for C$0.70 per share in cash, beating the C$0.55 per share offer made by BHP in July that Noront’s board agreed to support. Wyloo’s proposal had a higher certainty of success because it already owns about 37.5% of Noront’s shares and does not intend to support BHP’s offer, Wyloo said in a statement.