subsidary BHP Lonsdale Investments has announced that its subsidiary BHP Western Mining Resources International (BHP WMR) has made a recommended all-cash offer to acquire all issued and outstanding common shares of Noront Resources for $0.55 per share.
BHP Lonsdale, BHP WMR and Noront have entered into a definitive support agreement, whereby Noront has agreed to support the takeover bid by BHP WMR.
Noront is a Canadian-based mining company focused on the development of its Eagle’s Nest nickel, copper, platinum and palladium deposit and chromite deposits.
Shares in BHP (ASX:BHP)
are trading 2 per cent lower at $52.32.