PERTH (miningweekly.com) – Vietnam’s Competition and Consumer Authority has approved diversified miner BHP’s acquisition of copper miner Oz Minerals, fulfilling one of the conditions precedent of the transaction.
The two miners earlier this year entered into a scheme implementation agreement under which BHP would acquire all of the shares in Oz at a price of A$28.25 each, valuing Oz Minerals at A$9.6-billion.
The offer price represents a 49.3% premium to Oz Minerals' closing price on August 5, when the initial proposal was made, and a 59.8% premium to the 30-day volume weighted average share price up to August 5.
The transaction remains subject to certain conditions, including Oz Minerals shareholder approval, as well as Court approvals. Oz Minerals shareholders will meet on April 13 to vote on the transaction.