Oz Minerals Ltd. has requested a trading halt pending an announcement in relation to a potential change-of-control transaction, three months after the copper miner rejected a A$8.4 billion bid by BHP Group Ltd.
The securities will remain in the trading halt until the commencement of normal trading on Friday, or when the announcement is released to the market, Oz Minerals said in a statement to the Australian Securities Exchange on Wednesday.BHP was the likely bidder, but it’s also possible it could be a new entrant because the mining giant hadn’t entered a trading halt, Shaw and Partners analyst Peter O’Connor said in a note. The bidder would need to offer “A$30 a share or close to it,” he said.
BHP’s initial offer for Oz Minerals was for A$25 a share. The company’s shares closed at A$26.30 in Sydney on Tuesday.BHP, which hived off its oil and gas assets this year, is seeking growth in commodities tied to trends including low-emissions transport and clean energy — particularly copper for renewables and nickel for lithium-ion batteries. The mining giant is also pouring billions of dollars into a giant new potash mine in Canada to enter the fertilizer sector.