The Federal Court of Australia (the court) has made orders approving a scheme of arrangement for BHP Lonsdale Investments, a subsidiary wholly owned by BHP Group, to acquire 100 per cent of the shares in OZ Minerals (OZL) (the Scheme).
It is expected that the Scheme will become effective on 18 April 2023 on lodgement of the court’s orders with the Australian Securities and Investment Commission, and OZL shares will be suspended from trading on the ASX from the close of trading on that day.
The takeover is expected to be implemented on 2 May 2023.
OZL’s shareholders will be paid total cash consideration of AU$28.25 per OZL share, comprising:
- The scheme consideration paid by BHP of AU$26.50 for each OZL share held at the Scheme record date, which is 7:00pm on 24 April 2023
- A fully franked special dividend paid by OZL of AU$1.75 for each OZL share held on the special dividend record date, which is 7:00pm on 21 April 2023
The cash payment by BHP will be funded using a combination of BHP’s existing cash reserves and the proceeds of a debt facility.
