OZ Minerals directors unanimously recommend shareholders vote in...

OZ Minerals directors unanimously recommend shareholders vote in favour of the scheme pending the independent expert concluding, and continuing to conclude, that the scheme is in the best interests of shareholders and absent a superior proposal,” he said.

But since BHP first announced its intentions to acquire OZ in August last year, the price of copper price had risen 20 per cent, from $US3.55 per pound up to $US4.27 on January 27. This has led some shareholders to indicate they will vote against the existing deal.

“The reality of the situation is that the BHP offer now looks a little anaemic,” David Franklyn of Argonaut Funds Management wrote on January 30.

Franklyn believes OZ’s portfolio of future-facing resources, especially copper, is especially attractive as the world moves towards decarbonisation.

“We view OZ Minerals as one of the best exposures to the global copper market and see no reason to sell out cheaply to BHP,” he wrote.

A scheme booklet is expected to be sent to OZ Minerals shareholders in early March, followed by a shareholder vote in early April.

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