BHP has announced the completion of its acquisition of OZ Minerals and the execution of the plan of arrangement enabling BHP Lonsdale Investments Pty Limited to acquire 100% of the shares in OZ Minerals (the Scheme).
BHP Group Limited is now OZ Minerals’ ultimate parent company.
“This acquisition strengthens BHP’s portfolio in copper and nickel and is in line with our strategy to meet increasing demand for the critical minerals needed for electric vehicles, wind turbines and solar panels to support the energy transition. Combining our two organisations will provide options for growth, bring new talent and innovation to unlock these resources in a sustainable way, and deliver value to shareholders and communities,” BHP CEO Mike Henry said.
BHP will concentrate on the safe and dependable operation of the Olympic Dam, Prominent Hill, and Carrapateena assets, developing a shared culture of innovation and performance, and advancing sustainable growth options to establish a copper province in South Australia as a result of the merger of the BHP and OZ Minerals businesses.
“We welcome the OZ Minerals team to BHP as new colleagues with shared values of safety, respect, innovation and performance. Bringing together our quality resources, talented teams and innovative thinking will help us create opportunities for local employment, small businesses, regional communities, Traditional Owners and the South Australian economy,” BHP Chief Operating Officer Edgar Basto stated.
According to Basto, South Australia has the potential to be a significant copper supplier to fulfil the world’s expanding need for copper, and BHP looks forward to realising the full potential of the people and their collective skills.
“This will require new thinking and new technology and we are excited to begin work on the opportunities ahead,” he added.
OZL shareholders received a total cash consideration of A$28.25 per OZL share today, which included:
- BHP’s scheme consideration of A$26.50 per OZ Minerals share held at the scheme record date, which is 7:00 pm on 24 April 2023; and
- a fully franked special dividend paid by OZL of A$1.75 for each OZL share held on the special dividend record date, which is 7:00 pm on 21 April 2023.
A combination of existing cash reserves and the income from a debt facility supported BHP’s cash payment.
OZL has filed to be removed from the ASX’s official list. The removal is scheduled to take place no later than 3 May 2023.
