the banks position on ozl, page-20

Update on "CBA chief won't pull plug on any reasonable proposal OZ Minerals receives"

http://www.businessspectator.com.au/bs.nsf/Article/CBA-on-OZ-pd20090606-SR3EP?OpenDocument&src=is


Up to OZ Mins board

Haydn Lynch of RBC told Business Spectator that the OZ Minerals board has said it will consider the new bid, "as they bloody well should."

"We've been following the OZ situation for awhile, the asset sales," Mr Lynch said.

"So we're late in the game, but we've been working for several weeks to get our proposal up.

"It's there, it's in the tent, it's up to the OZ Minerals board."

He said the offer lodged on Friday was fully funded and committed, and could be completed by June 30.

Mr Lynch said it would be a "real shame" if OZ went through with its Minmetals deal because Australia did not have enough mid-tier mining companies.

He likened OZ Minerals' Minmetals deal to the one made by Rio Tinto in February with Chinese aluminium group Chinalco.

"Both were made near the bottom of the market. Some things have changed," Mr Lynch said.

In a market release after Friday close, OZ Minerals said it did not wish to pursue any proposals that had been set before them.

"OZ Minerals informed the parties at the time that it did not wish to pursue the indicative proposals," the miner said.

"OZ Minerals will ... review any future unsolicited proposals that may be put to it and, if it likely that any such proposal could be in the interests of shareholders, it will be given due and proper consideration.

"However, the company does not expect that any future unsolicited proposal that is similar to the previous proposals would be superior to the Minmetals transaction."

OZ Minerals will hold its annual general meeting on Thursday June 11.

Shares in OZ Minerals rose 1.72 per cent to 88.5 cents on Friday.