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BHP Ups Bid for Copper Miner OZ Minerals to $6.4 Billion

  • OZ Minerals recommends shareholders accept the improved offer
  • Metal is considered a vital element of the energy transition
A BHP Group Ltd. freight train carries iron ore towards Port Hedland, Australia.

A BHP Group Ltd. freight train carries iron ore towards Port Hedland, Australia.

Photographer: Ian Waldie/Bloomberg
Updated on

BHP Group Ltd. made an improved A$9.6 billion ($6.4 billion) offer to acquire copper producer OZ Minerals Ltd. as the world’s top miner seeks more exposure to rising demand from clean energy and electric cars.

OZ Minerals will recommend shareholders vote in favor of the A$28.25 a share offer, the Adelaide, Australia-based company said Friday, after rejecting an earlier A$25 per share bid in August. The proposed acquisition would be BHP’s largest since the $12.1 billion purchase of Petrohawk Energy Corp. in 2011.