Australian Billionaire Offers Premium to BHP Bid for Noront Resources -- Update
31 Agosto 2021 - 11:04AM
Dow Jones News
(Adds comments from BHP)
By Rhiannon Hoyle and Jaime Llinares Taboada
SYDNEY--Wyloo Metals, owned by Australian billionaire Andrew
Forrest, proposed to pay a premium for Noront Resources Ltd. over
an existing takeover offer made by BHP Group Ltd.
Wyloo said it would pay Noront shareholders 70 Canadian cents
(US$0.555) a share for their interest in the mining company, a 27%
premium to the C$0.55 offered by BHP last month. Investors who
don't want to sell their stake could remain as shareholders under a
new leadership team that would include Dr. Forrest as chairman,
Wyloo said.
Wyloo, which already holds a large stake in Noront, in May
proposed an offer at C$0.315 a share for the miner's shares.
Noront is focused on developing deposits in northern Ontario
that contain metals such as copper and nickel, expected to be in
high demand as the world decarbonizes.
After Wyloo's proposal, BHP said it will continue to monitor the
situation and will consider alternatives if a competing offer
materializes.
BHP also highlighted "the uncertain and conditional nature of
the Wyloo proposal," adding that the BHP offer is the only
transaction currently available to Noront shareholders.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com and Jaime
Llinares at jaime.llinares@wsj.com
(END) Dow Jones Newswires
August 31, 2021 09:49 ET (13:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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