Court approves BHP's A$9.6bn Oz Minerals buy
PERTH (miningweekly.com) – The Federal Court of Australia has approved diversified miner BHP’s A$9.6-billion takeover of copper miner Oz Minerals.
The court approval comes days after Oz Minerals shareholders backed the A$28.25-a-share offer by BHP, comprising A$26.50 a share in cash for each Oz Minerals share held, as well as a fully franked special dividend of A$1.75 a share for each Oz Minerals share held.
Oz Minerals on Monday said that it would now load a copy of the court orders with the Australian Securities and Investment Commission on April 18, marking the date on which the scheme would become legally effective.
The company is expected to suspend share trading at the end of business on April 18.
BHP said on Monday that the scheme would be implemented on May 2.
BHP will fund the cash payment using a combination of its existing cash reserves and proceeds from a debt facility.
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