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    BHP   AU000000BHP4

BHP GROUP

(BHP)
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

BHP sweetens offer for Canadian nickel miner Noront to $339 mln

10/19/2021 | 07:55pm EST

Oct 20 (Reuters) - BHP Group Ltd on Wednesday topped a takeover offer for Canadian nickel producer Noront Resources Ltd from billionaire Andrew Forrest's Wyloo Metals, as the two groups vie for greater access to the electric vehicle battery metal.

BHP, the world's biggest mining company, increased its all-cash offer to C$419.3 million ($339.1 million), or C$0.75 per share, bettering the C$0.70 per-share proposal from Wyloo that Noront backed on Monday

Wyloo, already Noront's top shareholder, this week lifted its offer from C$0.315 per share to top a C$0.55 proposal made by BHP in July.

At stake in the scramble for Noront is the Eagle's Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit of the metal, as well as copper and palladium.

"We like the geology of the area, and Noront has the best land position in that area," Johan van Jaarsveld, BHP's chief development officer, told Reuters.

BHP gave shareholders of the Canadian firm 22 days to accept its latest offer.

The company, which earlier this year signed a deal to supply Tesla https://www.reuters.com/business/bhp-supply-nickel-tesla-australia-2021-07-21 Inc with nickel from its Australian operations, does not plan to build a Canadian smelter to process Noront's nickel and won't limit nickel sales from the project to North America, he said.

Should BHP's offer prevail, the mine would be run completely on renewable electricity, van Jaarsveld said.

"We certainly have the operating track record in nickel and the ability to build infrastructure in remote areas," he said, adding that BHP would be open to developing the asset jointly "with the right partner".

Neither privately held Wyloo nor Noront immediately responded to a request for comment.

BHP's offer requires at least 50% of Noront shareholders to tender in support, while Wyloo's offer would require a shareholder vote.

If Noront shareholders support BHP's offer, "this could all be over by mid-November," van Jaarsveld said.

($1 = 1.2365 Canadian dollars)

(Reporting by Nikhil Kurian Nainan and Savyata Mishra in Bengaluru, and Ernest Scheyder in Houston; Editing by Aditya Soni, Subhranshu Sahu and Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP -4.81% 45.7 Delayed Quote.10.12%
NORONT RESOURCES LTD. 0.93% 1.08 Delayed Quote.0.93%
TESLA, INC. -5.26% 943.9 Delayed Quote.-10.68%
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Financials (USD)
Sales 2022 61 008 M - -
Net income 2022 18 492 M - -
Net Debt 2022 7 601 M - -
P/E ratio 2022 8,50x
Yield 2022 8,92%
Capitalization 166 B 167 B -
EV / Sales 2022 2,85x
EV / Sales 2023 3,20x
Nbr of Employees 40 110
Free-Float 57,5%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 32,82 $
Average target price 34,87 $
Spread / Average Target 6,24%
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Managers and Directors
Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
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