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BHP BHP Group Limited

42.41
0.01 (0.02%)
03 May 2024 - Closed
Delayed by 20 minutes
Share Name Share Symbol Market Type
BHP Group Limited ASX:BHP Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.01 0.02% 42.41 42.40 42.45 42.65 42.22 42.50 12,094,196 07:15:00

BHP Group Makes Offer for Noront for Equity Value of C$325 Million

27/07/2021 1:23pm

Dow Jones News


BHP (ASX:BHP)
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By Joe Hoppe

 

BHP Group PLC said Tuesday that it has made a recommended all-cash offer to acquire all of the outstanding and issued share capital of Noront Resources Ltd. for a total equity value of 325 million Canadian dollars ($259.1 million).

The Anglo-Australian multinational miner said it and its subsidiaries have entered into a definitive support agreement with Canadian-based mining company Noront, which has agreed to support the takeover bid. Noront is focused on developing its nickel, copper, platinum, palladium and chromite deposits in Ontario.

BHP offered to pay 55 Canadian cents a share for Noront, a 69% premium to the company's closing price on Monday. Noront board members who voted on the matter unanimously recommended shareholders accept the offer, BHP said.

BHP Lonsdale already owns 3.7% of Noront shares on a fully diluted basis.

"For BHP, the acquisition of Noront presents a world-class growth option, in a key future-facing commodity," BHP Chief Development Officer, Johan van Jaarsveld said.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

July 27, 2021 08:23 ET (12:23 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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