BHP Group submits non binding indicative proposal to acquire OZ Minerals Limited

BHP Group Limited (ASX: BHP) has submitted a non-binding indicative proposal to OZL’s board to acquire its 100% issued share capital via a scheme of arrangement.

As per BHP’s proposal, the Company will acquire OZL shares for AU$25.00 per share. It represents a premium of:

• 32.1% to closing price of OZL of AU$18.92 per share on 5 August 2022.
• 41.4% to 30-day VWAP of AU$17.67 per share up to and including 5 August 2022.

BHP’s Proposal is conditional upon specific conditions. It includes conclusion of positive due diligence to the satisfaction of BHP, entry into a scheme implementation deed as well as an agreed approval from the OZL Board that OZL shareholders vote in favour of the Proposal in the absence of a superior proposal.

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