Australia’s OZ Minerals said on Thursday it entered into a scheme implementation deed with BHP Group 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.
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