BHP Extends Noront Offer Deadline Amid Talks With Wyloo
November 02 2021 - 6:06PM
Dow Jones News
By Rhiannon Hoyle
BHP Group Ltd. extended the deadline on its takeover offer for
Noront Resources Ltd., saying it has entered talks with shareholder
and rival suitor Wyloo Metals Pty. Ltd. over its stake.
BHP said it is in discussions with Wyloo Metals, owned by
Australian billionaire Andrew Forrest, regarding its potential
support of BHP's 75 Canadian-cent (US$0.60) per share offer to
acquire Noront and that the initial expiry of its offer has been
extended--to Nov. 16 from Nov. 9--to allow for those discussions to
progress.
"The earliest time BHP will be taking up Noront shares under its
bid will be at the new expiry time," BHP said in a statement.
BHP and Wyloo have been in a bidding war for Noront, which is
focused on developing deposits in northern Ontario that contain
metals such as copper and nickel, expected to be in high demand as
the world decarbonizes.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
November 02, 2021 17:51 ET (21:51 GMT)
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