From Breakingviews - BHP’s shinier $6 bln OZ bid stays within reality
always smacked of play-acting. No sooner had the metals miner rejected its larger rival’s A$8.3 billion all-cash overture in August than Henry was fobbing it off as a “nice-to-have, not a must-have” business. Yet on Friday, the target disclosed BHP recently upped its offer 13%, and says it willHenry is now dangling a 49% premium to OZ’s undisturbed share price.
The new price, though, still stacks up. Cutting around a third of OZ’s annual expenses would, taxed and capitalised, cover the A$3.1 billion premium. That might be a stretch in this case as boss Andrew Cole is known for running a lean ship. But BHP’s lower cost of capital will help, and the global energy transition should allow BHP to mine the target’s rich seam of copper and nickel. Securing the deal could end up being a wizard move.
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