The Beijing-based metals producer is offering 82.5c for each Oz Minerals share, a 50 per cent premium to its last traded price, and to refinance a looming debt payment of A$1.2bn.
The proposed deal will be subject to approval by Australia's Foreign Investment Review Board, which is facing strong Chinese interest in the country's resources sector. The takeover is also dependent on Oz Mineral's banking syndicate agreeing to extend the term of their debt arrangements until after the scheme is voted on in May.
Last week, Chinalco, the Chinese aluminium group, unveiled a proposed $19.5bn investment in Rio Tinto, the Anglo-Australian mining group, triggering a probe by politicians in Canberra.
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