BHP Lonsdale Investments Pty Ltd completed the acquisition of OZ Minerals Limited
As of February 6, 2023, The transaction has been approved by Brazilâs Administrative Council. The transaction is subject to the completion of extensive financial, legal, technical and operational due diligence over a proposed 6-week timeframe, various financial assumptions, a unanimous recommendation of the OZ Minerals Board entry into a scheme implementation agreement subject to a range of conditions including no material adverse change, regulatory, Brazil competition authority, Vietnam competition authority approvals, shareholder and court approvals and conduct of business restrictions. The Board has unanimously determined that the Indicative Proposal significantly undervalues OZ Minerals and, as such, is not in the best interests of shareholders. The transaction is expected not to be concluded until mid-2023. As of December 22, 2022, the scheme is expected to be effective in early April 2023. As of March 2, 2023, the scheme is expected to be implemented on May 2, 2023. As of March 13, 2023, OZ Minerals shareholders will vote on next month on the acquisition. An OZ minerals shareholders shareholder meeting is to be convened on April 13, 2023, to review and approve the transaction. As of April 11, 2023, the transaction has received the approval of Vietnamâs Competition and Consumer Authority. As of April 13, 2023. BHP is pleased to announce that OZ Minerals Limited (OZL) shareholders today approved the scheme of arrangement for BHP Lonsdale Investments Pty Limited. The Scheme still requires the approval of the Federal Court of Australia. OZL is expected to apply for court orders approving the Scheme on 17 April 2023. If approved by the Court, the Scheme is expected to become effective on April 18, 2023 and be implemented on May 2, 2023. OZ Minerals has appointed Macquarie Capital and Greenhill & Co as financial advisers and Gilbert + Tobin as legal adviser in relation to the Indicative Proposal. Citigroup Global Markets Australia Pty Limited acted as Financial advisor to BHP Group. Grant Samuel Group Limited acted as Fairness opinion provider to OZ Minerals,
BHP Lonsdale Investments Pty Ltd completed the acquisition of OZ Minerals Limited (ASX:OZL) on May 2, 2023. BHP Group Limited is now the ultimate parent company of OZL. Removal is expected to occur no later than May 3, 2023