(Bloomberg) — 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 ($5.7 billion) bid by BHP Group Ltd.
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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.
A spokesperson from BHP declined to comment.
See also: Oz Minerals Said to Seek A$10 Billion in Potential Sale
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.
(Updates with comment from analyst in 3rd paragraph.)
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