Deals
Australian Magnate Beats BHP on ‘Superior’ Offer for Canadian Nickel Miner
- Noront agrees to accept takeover offer by Forrest’s Wyloo
- BHP given five business days to match C$0.70 a share offer
Photographer: Norm Betts/Bloomberg
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Canadian miner Noront Resources Ltd. agreed to be acquired by Andrew Forrest’s Wyloo Metals Pty Ltd. in a deal that tops a rival offer from BHP Group.
Noront agreed to Wyloo’s “superior” offer of C$0.70 a share, which represents a 27% premium to BHP’s friendly offer of C$0.55 from July, the Toronto-based company said Monday in a statement. BHP has been given five business days to match the offer from the firm controlled by Forrest, an Australian mining magnate.