BHP has five business days to match Wyloo’s offer
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