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    BHP   AU000000BHP4

BHP GROUP LIMITED

(BHP)
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Delayed Australian Stock Exchange  -  01:37 2022-09-29 am EDT
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BHP likely to raise bid for 'strategically sensible target' OZ - analysts

08/08/2022 | 04:31pm EDT

Aug 9 (Reuters) - BHP Group Ltd will likely raise its A$8.34 billion ($5.82 billion) offer to buy Australia's OZ Minerals, analysts said after the global miner was rebuffed in its pursuit of the nickel-copper miner on Monday.

OZ rejected BHP's A$25 per share offer, terming it undervalued and "opportunistic" as it was tabled when copper prices and its stock price have fallen from recent peaks.

"While OZ's board rejected the offer based on price, this is a strategically sensible target as it would enable BHP to unlock more of the value from (its copper mine) Olympic Dam and would also add to BHP's Western Australian nickel business," Jefferies analysts said in a note.

BHP plans to zero in on battery metals like nickel and copper to align itself with a global push towards electrification and decarbonisation, as firms race to capitalize on burgeoning interest in clean energy and electric vehicles.

While the companies did not say if another bid was in the offing, analysts expect a higher offer and touted the likelihood of a bigger takeover battle.

Brad Smoling, managing director at Smoling Stockbroking, said other players would eye OZ's assets in light of the green energy push, and suggested a new offer could be up to A$30 per share.

"Other buyers may be interested in OZ Minerals with many miners optimistic on the outlook for copper. Potential acquirers such as Glencore, Anglo American, Teck Resources, and so on are in very strong financial shape and able to bid," said Jon Mills, an equity analyst at Morningstar.

Mills added, however, that BHP was likely overpaying for the deal at the current price, though that would not deter it from making another approach.

"If BHP revises its offer price by another 20% to 25% then the OZL board may accept the offer," said Kunal Sawhney, chief executive officer of Kalkine Media.

($1 = 1.4331 Australian dollars)

(Reporting by Shashwat Awasthi and Tejaswi Marthi; Editing by Maju Samuel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 3.25% 2728.5 Delayed Quote.-9.53%
BHP GROUP LIMITED 2.99% 38.39 Delayed Quote.13.36%
GLENCORE PLC 1.98% 480.75 Delayed Quote.28.22%
OZ MINERALS LIMITED 2.03% 25.84 Delayed Quote.-8.79%
TECK RESOURCES LIMITED 3.86% 41.66 Delayed Quote.10.10%
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Financials (USD)
Sales 2023 55 380 M - -
Net income 2023 15 859 M - -
Net Debt 2023 3 268 M - -
P/E ratio 2023 7,55x
Yield 2023 9,01%
Capitalization 122 B 122 B -
EV / Sales 2023 2,27x
EV / Sales 2024 2,44x
Nbr of Employees 45 295
Free-Float 96,9%
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Technical analysis trends BHP GROUP LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 24,15 $
Average target price 29,09 $
Spread / Average Target 20,5%
EPS Revisions
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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