the world’s biggest miner flexed its muscle by immediately upping the stakes in their fight over Canada’s Noront Resources.

Them's fighting words...Twiggy never retreats from a battle.  Show us a real offer and let us keep some shares in what could be the largest green mining company in the world!  One jillion dollars!

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Monsters of Rock: M&A heats up as BHP offers 213pc premium to outbid Twiggy on Noront

The nickel war between Fortescue billionaire Andrew Forrest and BHP (ASX:BHP) has taken a new twist after the world’s biggest miner flexed its muscle by immediately upping the stakes in their fight over Canada’s Noront Resources.

Before the takeover stoush began you would have been forgiven for not knowing much about Noront, which holds a dominant ground position in Ontario’s Ring of Fire mining district.

BHP’s new C$0.75 a share bid came just a day after Twiggy formalised a $0.70/share offer at a whopping 213% premium above Noront’s TSX share price before this whole thing began.

The ball is now in Twiggy’s court. BHP’s bid has been accepted by Noront, and only needs 50% of the votes in the company to accept it to pass, meaning Twiggy’s company Wyloo Metals can’t use its ~36% holding in Noront as a blocking stake.

The all cash bid values Noront at around C$400 million, chump change for BHP but a sure sign that takeover premiums are beginning to emerge at this stage in the mining cycle.