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BHP gets OZ Minerals shareholder approval

OZ Minerals Prominent Hill

After months of speculation that OZ Minerals shareholders may reject the $9.63 billion takeover offer, BHP has announced that the shareholders have voted to approve the acquisition.

BHP chief executive officer Mike Henry said the approval was a strong endorsement on the value of the arrangement.

“This is a strong endorsement from OZ Minerals shareholders on the value they will receive under the scheme and the hard work of the OZ Minerals team over many years to create a successful business,” he said.

“We look forward to bringing together our talent and resources to create an even stronger organisation.”

The approval comes just days after Vietnam’s Competition and Consumer Authority also approved BHP’s acquisition and a month after the Brazilian competition regulator gave similar approval in March.

Takeover talks have been on the table since August 2022, when BHP made an offer of $25 per share ($8.4 billion).

This offer was swiftly rejected, and BHP came back in November 2022 with a revised offer of $28.25 per share, or $9.63 billion, which was accepted.

While the OZ board unanimously recommended its shareholders approved the revised offer, some shareholders indicated that they would vote against the existing deal, citing OZ’s attractive portfolio.

However, it seems that not all shareholders thought that way, with the takeover being approved without issue.

Shareholder approval was the second-last hurdle BHP had to jump through before the takeover process is finalised.

Now, the decision rests in the hands of the Federal Court of Australia. OZ is expected to apply for court orders approving the takeover on April 17.

If approved by the court, the acquisition is expected to become effective on April 18 and be implemented on May 2.

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