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BHP Extends Noront Offer Deadline Amid Talks With Wyloo

Dow Jones Newswires ·  Nov 3, 2021 05:36 
   By Rhiannon Hoyle

BHP Group Ltd. extended the deadline on its takeover offer for Noront Resources Ltd., saying it has entered talks with shareholder and rival suitor Wyloo Metals Pty. Ltd. over its stake.

BHP said it is in discussions with Wyloo Metals, owned by Australian billionaire Andrew Forrest, regarding its potential support of BHP's 75 Canadian-cent (US$0.60) per share offer to acquire Noront and that the initial expiry of its offer has been extended--to Nov. 16 from Nov. 9--to allow for those discussions to progress.

"The earliest time BHP will be taking up Noront shares under its bid will be at the new expiry time," BHP said in a statement.

BHP and Wyloo have been in a bidding war for Noront, which is focused on developing deposits in northern Ontario that contain metals such as copper and nickel, expected to be in high demand as the world decarbonizes.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

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