Brazilian authorities back BHP's play for Oz Minerals

6th February 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH ( – Brazil’s Administrative Council for Economic Defence has given mining major BHP approval for its proposed acquisition of ASX-listed Oz Minerals.

The two companies in December entered into a scheme implementation deed and the Oz Minerals directors unanimously recommended that shareholders accept the offer, pending an independent expert concluding that it was in the best interest of shareholders.

BHP is offering Oz Minerals shareholders A$28.25 a share in cash, valuing the takeover target at A$9.6-billion.

The scheme remains subject to certain other conditions, including court approval and Oz Minerals shareholders approval.

A scheme booklet is expected to be sent to Oz Minerals shareholders in early March 2023.