By Rhiannon Hoyle


ADELAIDE, Australia--BHP Group Ltd. sweetened its offer to buy Australian copper-mining company OZ Minerals Ltd., as the world's biggest miner by market value seeks to produce more of the metal needed for electric vehicles, wind turbines and solar farms.

BHP, headquartered in Melbourne, Australia, approached Adelaide-based Oz Minerals Ltd. about a potential takeover in August, but its offer was quickly rejected by directors as too low.

On Friday, OZ Minerals said it had received a proposal from BHP to buy the company for 28.25 Australian dollars ($18.90) a share. That offer, up from 25 Australian dollars a share previously, represents an enterprise value of A$9.6 billion, or roughly $6.4 billion.

The board of Oz Minerals intends to unanimously recommend the revised proposal, it said. The company's shares closed at 26.30 Australian dollars on Tuesday, before trading in the stock was stopped ahead of Wednesday's open.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

11-17-22 1713ET