Top global miner BHP Group is expected to secure the backing of Oz Minerals shareholders for its A$9.6 billion ($6.4 billion) buyout at a vote on Thursday, reflecting the support of the board and two key shareholder advisers.
The deal, which was unanimously recommended by Oz Minerals’ board, has already passed several regulatory hurdles and won the support of proxy advisers Glass Lewis and ISS.
The copper-gold producer on Dec. 22 entered a scheme implementation deed with BHP to proceed with the takeover.
Glass Lewis said in a shareholder report BHP’s bid offered sufficient value to shareholders given Oz Mineral’s funding needs to develop its Carrapateena copper mine in South Australia state, which is close to BHP’s Olympic Dam copper operations.
“We believe there is adequate cause for investor support at this time. Accordingly, we recommend shareholders vote FOR this proposal,” it said.
The deal has also cleared competition regulators in Vietnam and Brazil.
