OZ Minerals’ Carrapateena operations. Credit: OZ Minerals.

Australia’s OZ Minerals board intends to recommend BHP Group’s revised takeover offer of A$28.25 ($18.95) per share in cash, representing an enterprise value of A$9.6bn ($6.44bn).

BHP said the latest proposal to copper and gold producer OZ Minerals represents its best and final price, in the absence of a competing bid.

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The offer is 13% higher than BHP’s A$25 per share proposal that was rejected by OZ Minerals in August 2022, on grounds of being ‘opportunistic’ and undervaluing its business.

OZ Minerals’ board has now confirmed its plans to BHP to recommend the latter’s improved proposal unanimously to OZ shareholders as being in their best interests, in the absence of a superior offer.

OZ Minerals managing director and CEO Andrew Cole said: “BHP’s revised proposal is a clear reflection of OZ Minerals’ unique set of highly strategic, quality assets in quality jurisdictions and an enviable multigenerational growth pipeline of copper and nickel assets in strong demand due to global electrification.”

Furthermore, the recommendation is subject to BHP and OZ Minerals signing a binding scheme implementation agreement (SIA), and completion of satisfactory due diligence by BHP, among others.

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OZ Minerals is engaged in developing a portfolio of long-life, low-cost copper-focused assets. It has two operating assets, namely the Prominent Hill copper mine and the Carrapateena copper mine, both located in Australia.

BHP CEO Mike Henry said: “BHP’s proposal represents a highly compelling offer for OZL shareholders, providing certainty at a time of macroeconomic uncertainty and market volatility, and increasing risks for the industry.

“The combination of BHP and OZL’s assets, skills and technical expertise provides a unique opportunity not available under separate ownership, with complementary resources including the Oak Dam exploration prospect and existing facilities within close proximity, backed by BHP’s strong balance sheet, capital discipline and commitment to sustainable development.”