"Brazil okays BHP’s $6.6bn acquisition of OZ Minerals"

" \r\n \r\n \r\n \r\n \r\n\r\n Brazil okays BHP's $6.6bn acquisition of OZ Minerals \r\n\r\nBrazilian regulators\u00a0 have cleared BHP\u2019s intended acquisition of Australian copper-gold producer OZ Minerals (ASX: OZL) for A$9.6 billion ($6.6bn), bringing the world\u2019s no.1 miner closer to securing its biggest deal in more than a decade.\r\n\r\nOZ Minerals has a number of operations in Brazil, including the Santa L\u00facia iron oxide copper-gold mineral deposit, the Antas copper-gold mine, and CentroGold, one of the country\u2019s largest undeveloped gold project.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nThe transaction, unanimously backed by OZ Minerals\u2019 board\u00a0 in November , still requires the approval of Australia\u2019s regulatory bodies and the copper-gold miner shareholders.\r\n\r\nIf successful, the deal would become\u00a0 the largest mining deal in Australia \u00a0since BHP\u2019s $12.1 billion purchase of Petrohawk Energy in 2011 and it would consolidate the company\u2019s position as one of the world\u2019s largest producers of copper.\r\n\r\nThe metal is considered key for the world\u2019s clean energy transition, which is expected to boost demand by almost 60% over the next two decades.\r\n\r\nSince BHP first announced its intention of buying OZ Minerals\u00a0 in August last year , copper prices have shot up 20%, from $3.55 per pound up to $4.27. This has led some shareholders to indicate they will vote against the existing deal.\r\n\r\n\u201cThe reality of the situation is that the BHP offer now looks a little anaemic,\u201d David Franklyn of Argonaut Funds Management\u00a0 wrote \u00a0on January 30.\r\n\r\nIn his opinion, the Australian miner has one of the best exposures to the global copper market and sees \u201cno reason to sell out cheaply to BHP.\u201d\r\n\r\nOZ Minerals shareholders will vote in early April on the A$28.25-a-share bid, which represents a 49% premium increase on the miner\u2019s share price prior to BHP\u2019s initial offer.\r\n\r\n \r\n \r\n \r\n "

"Brazil okays BHP’s $6.6bn acquisition of OZ Minerals"

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