Diversified miner BHP needs more time for talks with Australian billionaire Andrew Forrest’s Wyloo Metals regarding the takeover of Canadian junior Noront Resources.
Discussions over its C$0.75-a-share offer for Noront are progressing, BHP reported on Wednesday. To allow more time for those talks to progress, BHP further extended the expiry of its offer from November 16 to November 30.
“BHP and Wyloo Metals have continued their conversations and are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP. There is no assurance that any agreement will be reached between BHP and Wyloo Metals,” the company noted.
BHP in October trumped Wyloo’s C$0.70-a-share cash offer for Noront, by offering C$0.75 a share for the Canadian nickel developer.
The Noront board is supporting the offer from BHP.