World's Top Miner Raises Offer For OZ Minerals, Close To Biggest Acquisition Since 2011

• BHP Group Ltd (NYSE: BHP) has raised its offer for OZ Minerals Limited (OTC: OZMLF) to value the Australian miner at A$9.6 billion ($6.34 billion).

• Earlier, BHP offered to pay A$25/share. OZ Minerals said it intends to recommend that shareholders vote to favor BHP's revised offer.

• A completed deal would represent BHP's largest acquisition since 2011 when it bought Petrohawk Energy Corp for more than $12 billion, Wall Street Journal writes.

• In August, BHP Group was rebuffed in its A$8.34 billion takeover bid for OZ Minerals, in a setback as it pushes to secure copper and nickel assets for a shift into clean energy and the electric vehicles (EVs) market.

• OZ Minerals said the A$25 per share offer undervalued the nickel and copper miner and was "opportunistic" when copper prices and its stock price have fallen from recent peaks.

• BHP Chair Ken MacKenzie said, "BHP's proposal would provide value to BHP shareholders by increasing exposure to future-facing commodities, attractive synergies, and adding to our pipeline of growth options."

• BHP CEO Mike Henry said, "BHP's proposal represents a highly compelling offer for OZL shareholders, providing certainty at a time of macroeconomic uncertainty and market volatility, and increasing risks for the industry.

• Price Action: BHP shares are up 0.72% at $59.02 during the premarket session on the last check Friday.

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