MELBOURNE, April 13 (Reuters) - Top global miner BHP
Group is expected to secure the backing of Oz Minerals shareholders for its A$9.6 billion ($6.4 billion)
buyout at a vote on Thursday, reflecting the support of the
board and two key shareholder advisers.
The deal, which was unanimously recommended by Oz Minerals'
board, has already passed several regulatory hurdles and won the
support of proxy advisers Glass Lewis and ISS.
The copper-gold producer on Dec. 22 entered a scheme
implementation deed with BHP to proceed with the takeover.
Glass Lewis said in a shareholder report BHP's bid offered
sufficient value to shareholders given Oz Mineral's funding
needs to develop its Carrapateena copper mine in South Australia
state, which is close to BHP's Olympic Dam copper operations.
"We believe there is adequate cause for investor support at
this time. Accordingly, we recommend shareholders vote FOR this
proposal," it said.
The deal has also cleared competition regulators in Vietnam
and Brazil.
($1 = 1.4934 Australian dollars)
(Reporting by Melanie Burton; Editing by Sonali Paul)
+613 9286 1421; Reuters Messaging:
melanie.burton.thomsonreuters.com@reuters.net))
