Business

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

BHP has five business days to match Wyloo’s offer

Article content

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

File source

Tags
Show More

Related Articles

Back to top button
Close