BHP plays the waiting game at OZ Minerals

OZ Minerals’ investors fully expected BHP to take a leaf out of its playbook for Canadian Noront Resources, and go up just a tick to get due diligence before deciding if it wanted to bump up its bid. By their measure, by now BHP should have been at $27 or $28 a share and inside OZ Minerals’ data room.

But BHP has remained stubbornly silent. Street Talk understands, as of this week, the two companies hadn’t talked any more to try and find a common price despiteBHP is not one to lob bids for any-sized company willy-nilly, and it would be reasonable to expect it’s still interested at $25 a share despite OZ Minerals board knocking down the offer.

But a month and a half is a long wait, and investors are starting to wonder whether BHP camp’s mind has wandered elsewhere or if it’s just biding its time until OZ’s final investment decision for West Musgrave, which is scheduled to come out before end of the year.BHP’s already had a look at West Musgrave’s potential during offtake talks, but it won’t be surprising if it’s decided to hold fire until the FID lands.

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