BHP increases cash offer for Noront

BHP increased its all-cash offer for Noront to 75 Canadian cents per share on Wednesday, representing a 36% premium to its previous offer, a 7% premium to the Wyloo offer and a 213% premium to Noront's unaffected price.

The FTSE 100 miner noted that Noront supported BHP's improved offer and recommended shareholders tender now to receive the cash consideration offered.

It said the BHP offer would be open until the end of 8 November, meaning shareholders had 22 days to decide to accept the full and immediate value offered by BHP.

“Now is the time for shareholders to decide if they want to tender to our improved offer and crystallize the compelling and full value it represents,” said chief development officer Johan van Jaarsveld.

At 0848 BST, shares in BHP Group were down 1.3% at 1,982.2p.