News: BHP BHP Group signs scheme deed for $6.4 bln buyout of OZ Minerals

Dec 22 (Reuters) - Australia's OZ Minerals (OZL) said on Thursday it entered into a scheme implementation deed with BHP Group (BHP) in relation to the A$9.6 billion ($6.44 billion) takeover bid the latter made for the copper and gold producer.

The board of OZ Minerals, which has unanimously recommended the deal, said its shareholders will vote on it at a scheme meeting scheduled between late March and early April next year.

Shares of OZ Minerals are up as much as 0.9% in early trade, hitting their highest level in 11 months.

The execution of the scheme implementation deed follows the completion of a four-week exclusive due diligence period. The exclusivity period was extended this week.

In what could be the largest mining deal in Australia in 11 years, BHP made a revised cash offer of A$28.25 per share on Nov. 18, in a bid to take advantage of rising global demand for metals used in clean energy and electric cars.

The deed would also allow OZ Minerals to pay a franked dividend to shareholders prior to the Scheme being implemented.

The cash amount of any dividends paid on or prior to implementation of the Scheme would be deducted from the A$28.25 per share cash price payable under the Scheme. ($1 = 1.4916 Australian dollars)