BHP has seized on the slump in commodity prices to launch a $5.8bn (A$8.4bn) cash offer for Australian rival Oz Minerals, as the world’s biggest miner seeks to boost its exposure to clean energy metals such as copper and nickel.
But the unsolicited A$25-a-share bid was quickly rebuffed, with Oz’s board saying it “significantly” undervalued the company even though it was pitched at a 32 per cent premium to its closing price on Friday.
The decision by Oz to reject the offer highlights the difficulties larger companies such as BHP may face if they try to take advantage of the decline in commodity prices to buy smaller rivals.
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