BHP Group Makes Offer for Noront for Equity Value of C$325 Million
27 7월 2021 - 9:23PM
Dow Jones News
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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