BHP Returns to Major M&A in Hunt for EV and Clean Energy Metals
- Copper, nickel producer OZ Minerals rejected $5.8 billion bid
- Deal comes as BHP positions for growth from decarbonization
The OZ Minerals open pit copper mine in South Australia.
Photographer: Cara Gottgens/Bloomberg
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BHP Group was rebuffed in a takeover approach for OZ Minerals Ltd. as the world’s top miner returns to major dealmaking in a hunt for copper and nickel assets vital to the shift to electric transport and clean energy.
Melbourne-based BHP’s offer valued the target at about A$8.4 billion ($5.8 billion), according to Bloomberg calculations. That is too low for a company with significant growth prospects in coveted commodities, Adelaide-based OZ Minerals said Monday in a statement.