OZ Minerals gets Vietnam's nod for its $6.4B buyout by BHP

By Reuters April 10, 2023 | 06:24 pm PT

A small figure and mineral imitation are seen in front of the BHP logo in this illustration taken November 19, 2021. Photo by Reuters

Australia's OZ Minerals said on Tuesday its A$9.6 billion ($6.38 billion) buyout by BHP Group has received Vietnam's Competition and Consumer Authority's approval.

In early February, OZ Minerals had also received approval from Brazil's competition regulator, the Administrative Council for Economic Defense, for the proposed buyout.

The copper-gold producer on Dec. 22 entered a scheme implementation deed with the world's largest listed miner, BHP, to proceed formally with the takeover.

The scheme still remains subject to other conditions, including approval by OZ Minerals' shareholders, and by an Australian court.

The scheme meeting is scheduled to be held on April 13, according to OZ Minerals.