FP/wire say Noront reaffirms support for BHP takeover

2021-08-23 08:17 ET - In the News

The Financial Post reports in its Saturday, Aug. 21, edition that Canadian nickel miner Noront Resources has reiterated support for a takeover by BHP Group after its largest shareholder, Australian mining magnate Andrew Forrest, tried snubbing the deal. A Bloomberg dispatch to the Post reports that Noront Resources said Friday in a statement that its board continues to recommend that shareholders accept BHP'S cash offer that values the company at $325-million, a day after Mr. Forrest's Wyloo Metals said it would not sell its shares to the world's largest miner. Wyloo Metals, which owns about 25 per cent of Noront and holds a convertible loan that could lift its control to 37 per cent, said it would consider making a superior offer. Noront has been developing potential mineral reserves in Northern Ontario's Ring of Fire. Noront said success of BHP'S offer does not require Wyloo's support, according to the statement.