Oct 20 Reuters - BHP Group on Wednesday topped a takeover offer for Canadian nickel miner Andrew Forrest's Wyloo Metals by billionaire Noront Resources earlier this week as the two miners vie for the key battery metal used in electric vehicles EVs The months-long takeover battle highlights the efforts miners are taking to secure supply of key battery metals ahead of an expected EV boom as the world looks to reduce emissions.
BHP increased its offer to C $419.3 million $339.10 million or C $0.75 per share, bettering Wyloo's C $0.70 per-share proposal that Noront backed on Monday and giving shareholders 22 days to accept.
At stake in the scramble for Noront is the Eagle's Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit of the metal, as well as copper and palladium.
BHP, the world's biggest miner, said that while it had Noront's backing for its improved offer, it did not require it and only needed 50% of shares to vote in favour.
BHP lifted its offer from C $0.315 per share to top a C $0.55 proposal made by Wyloo in July.