https://www.nokiamobilephonenews.co.uk/uk/bhp-has-reached-an-agreement-with-rival-wyloo-to-buy-noront/

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BHP has reached an agreement with rival Wyloo to acquire Noront.

As a battle for a supply of key metals used in electric cars heats up, talks between mining giant BHP and rival Wyloo about buying Canadian firm Noront have come to an end.

BHP, the world’s largest publicly traded mining company, announced that talks with Wyloo, an Australian company, had come to an end regarding BHP’s offer of C(dollar)0.75 per share for Norton.

It comes as Noront’s largest shareholder, Wyloo, raised its offer for the company to C(dollar)1.10 per share, which is 47% higher than BHP’s.

Wyloo’s move is the latest twist in the two miners’ bidding war for the supply of metals like nickel, cobalt, and copper, which are all used in the production of electric vehicle batteries.

Wyloo, which owns 37% of Noront, has stated that it will not support any other bid and that a competing takeover bid will be unlikely to meet any minimum tender condition.

But, for the time being, BHP’s offer has the support of the Noront board, despite the fact that it requires the support of at least 50% of Noront shareholders.

Wyloo had been debating whether to support BHP’s offer after months of competing bids.

Noront’s Eagle Nest nickel asset in Canada’s so-called Ring of Fire, a high-grade nickel, copper, and palladium deposit, was at the center of the squabble.

BHP merged all of its oil and petroleum businesses with Woodside last month, forming one of the world’s largest independent energy companies.

It’s part of BHP’s move away from fossil fuels in response to mounting pressure from investors and environmental groups, who have slammed the company for being one of the biggest contributors to greenhouse gas emissions.

‘What the money news means for you’

Wyloo  increased its offer for the company to C$1.10 a shareIt had been in discussions to support BHP’s offer of C$0.75, but talks have endedThe two firms have been battling for control of metal miner Noront