Globe/wire say Noront plans negotiate with Wyloo

2021-12-15 08:41 ET - In the News

The Globe and Mail reports in its Wednesday, Dec. 15, edition that Canadian miner Noront Resources said on Tuesday it plans to negotiate directly with Australian billionaire Andrew Forrest's Wyloo Metals on the company's raised buyout offer. A Reuters dispatch to The Globe reports that Wyloo, Noront's top shareholder, increased its offer to $1.10 a share on Monday, valuing the miner at $616.9-million, 57 per cent higher than its prior bid and outmatching BHP Group's 75 cent-per-share offer. The move by Wyloo is the latest twist in the bidding war between the two miners from Australia for the supply of a key battery metal used in electric vehicles. Noront on Tuesday did not provide any update whether its board is changing its recommendation for the BHP's offer, but added that the company is reviewing Wyloo's proposal. BHP on Monday also ended talks with Wyloo regarding its support for the takeover of Noront as the two parties were unable to reach an agreement.