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Canadian nickel miner Noront picks Wyloo's raised offer to BHP bid

10/18/2021 | 09:24am

(Reuters) - Canadian nickel miner Noront Resources Ltd said on Monday it had picked a sweetened offer from billionaire Andrew Forrest-owned Wyloo Metals over a bid from BHP Group.

The months-long tussle between BHP and Wyloo for Noront highlights a rush among miners to lock in supplies of a key battery metal used in electric vehicles.

Wyloo's 70 Canadian cents per share proposal represents a superior value for shareholders, Noront said, adding BHP has five business days to match the offer.

Wyloo had earlier offered C$0.315 per share and that compared with an offer of C$0.55 from BHP in July.

BHP in August said it would consider matching Wyloo's raised bid.

(Reporting by Rithika Krishna in Bengaluru; Editing by Sriraj Kalluvila)

© Reuters 2021
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