Billionaire Reignites Battle With BHP Group for Nickel Miner
- Forrest’s Wyloo Metals lobs new offer for Noront Resources
- Canadian group prized for its prospective nickel assets
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Wyloo Metals Pty Ltd., owned by billionaire mining magnate Andrew Forrest, has boosted its offer to buy out Canadian nickel explorer Noront Resources Ltd., reigniting a battle with rival suitor BHP Group after talks broke down on a compromise deal.
Wyloo’s proposal at C$1.10 per share trumps BHP’s bid of C$0.75, which currently has the support of the Noront board. Earlier, BHP said it had been unable to win backing from Wyloo -- already a major shareholder in the Canadian company -- for its offer. Wyloo’s latest offer is nearly 60% above the C$0.70 per share proposal it made back in August.