Mining Magnate Parrying BHP Bid Expands Stake in Nickel Miner
- Forrest’s Wyloo raising equity stake in Noront to about 37.3%
- Canada’s Noront said in August it still wanted BHP takeover
Photographer: Andrey Rudakov/Bloomberg
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A bidding war for a small Canadian nickel miner is showing no signs of cooling as its largest shareholder, Australian mining magnate Andrew Forrest, took a formal step to increase ownership.
Forrest’s Wyloo Metals Pty Ltd. said it notified Noront Resources Ltd. to swap its $15 million convertible loan for common shares of Noront. That will increase Wyloo’s equity ownership to about 37.3% from 24.2%, according to a statement Wednesday.