If industry sources are to be believed, mining giant BHP Group Ltd. (NYSE:BHP) (GB:OHN3) is considering raising its initial bid to acquire Melbourne-based OZ Minerals Ltd. This acquisition, if and when completed, could help increase BHP Group’s metal contributions, especially copper and nickel, to the green-energy revolution in the United States and globally.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
It is worth noting that BHP Group had expressed its desire to purchase OZ Minerals for A$8.4 billion (or A$25 per share) in August 2022. The U.S. dollar equivalent of the deal value is $5.6 billion. Back then, OZ Minerals had rejected BHP Group’s offer, finding the value too low for its assets.
The American Depository Shares (ADS) of BHP Group grew 1.8% to close at $51.89 on Monday. BHP Group sports a ‘Perfect 10’ Smart Score on TipRanks, implying that the company has strong potential to outperform the market.
Read full Disclosure