- Recently, the board of OZ Minerals has shown its interest to recommend BHP’s revised takeover offer of AU$28.25 per share.
- The offer is 13% higher than BHP’s AU$25.0 per share proposal that OZ Minerals had rejected.
- In the last one month, the shares of BHP have gained 11% on the ASX (as of 11:00 AM AEDT, 22 November).
Mining behemoth BHP Group Limited (ASX:BHP) made headlines in the month of November due to a couple of reasons. While the company’s revised takeover offer was recommended by OZ Minerals (ASX:OZL), BHP in its annual general meeting (AGM), announced that it has recorded an EBITDA of US$40.6 billion in FY2022.
Also, the shares of the company have been on a gaining spree in November. The shares gained 10.93% in last one month on the ASX. However, the shares lost 9.41% in the last six months of trade on the ASX. In the last one year, BHP has gained 8.45% on the ASX and in the last five years, the company has appreciated its value by 54.92% on the ASX (as of 11:13 AM AEDT, 22 November).
Here’s why BHP has been making rounds of news recently
- On 18 November 2022, the company shared that OZ Minerals (ASX:OZL) has decided to recommend to its board, BHP’s revised non-binding indicative proposal to acquire all of OZL shares for a cash price of AU$28.25 per share.
- As per BHP, this was best and final price BHP could offer.
- The cash price of AU$28.25 apiece would value OZL for AU$9.6 billion.
- The revised proposal is 49.3% premium rate for OZL’s closing price of AU$18.92 per share on 5 August 2022.
- Also, the new offer is a 13% increase to BHP’s original offer price of AU$25 per share.
On 10 November 2022, BHP via a release on ASX, shared that despite the challenging environment, BHP delivered strong operational and financial results in 2022.
On 22 November 2022, the shares of the company were quoted at AU$43.340 apiece, up 0.908% on the ASX.