Nickel miner Noront picks Wyloo’s sweetened offer over BHP bid

BHP has five business days to match Wyloo’s offer

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Canadian nickel miner Noront Resources Ltd said on Monday it had picked a sweetened offer from billionaire Andrew Forrest-owned Wyloo Metals over a bid from BHP Group.

The months-long tussle between BHP and Wyloo for Noront highlights a rush among miners to lock in supplies of a key battery metal used in electric vehicles.

Wyloo’s 70 cents per share proposal represents a superior value for shareholders, Noront said, adding BHP has five business days to match the offer.

Wyloo had earlier offered $0.315 per share and that compared with an offer of $0.55 from BHP in July.

BHP in August said it would consider matching Wyloo’s raised bid.

© Thomson Reuters 2021

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