BHP closes-in on OZ Minerals takeover, Newmont lobs bid for Newcrest and Qantas boss apologises – again

BHP Group (ASX: BHP) received approval from Brazil’s competition regulator on Monday for its acquisition of OZ Minerals (ASX: OZL).

BHP announced its intent to buy-out OZ Minerals last year, which will help strengthen the company’s concentration in raw materials, particularly copper. Demand for the metal is expected to increase significantly as the world transitions toward using electric vehicles (EV).

The deal will include OZ Mineral’s Oak Dam exploration prospect in South Australia and nickel from OZ Mineral’s Musgrave greenfield project in Western Australia.

OZ Minerals shareholders will still need to vote in favour of the takeover moving ahead, which is due to be held sometime in March or April. The bid is also subject to court approval in Australia.

ANZ invests $50m in View Media Group

ANZ Group (ASX: ANZ) is another company that’s on the investment trail, after recently announcing it had invested $50 million in View Media Group (VMG), a real estate digital media and agent services business.

The investment will help grow many parts of VMG’s business, including its product development line and funding future growth opportunities.

Part of the deal will also see the entities form a strategic partnership. This will include offering financial services products to consumers in the mortgage market and other industries. ANZ may benefit from VMG’s platform, which makes it easier for people to buy and rent properties.

ANZ will also get a seat on VMG’s board of directors.

Transurban Group CEO steps down

Transurban Group’s (ASX: TCL) chief executive officer Scott Charlton will depart the company at the end of 2023 after 11 years in the role.

Mr Charlton will continue to lead the company until a new chief is appointed and will ensure a smooth transition.

Transurban has launched a global search for Charlton’s replacement, but will also consider internal successors including Michelle Jablko, Andrew Head, and Hugh Wehby as potential internal replacements.

During Mr Charlton’s tenure, the company grew to become an ASX 20 listed entity, with the market capitalization increasing more than five times to over $43 billion.

Newcrest Mining announces takeover bid

On Monday, Newcrest Mining (ASX: NCM) announced it had received a non-binding bid from the world’s largest gold producer Newmont (NYSE: NEM), which values Newcrest at about $24.5 billion.

The acquisition bid is significant as it would give Newmont access to Australia’s largest gold mine found in the Cadia Valley in New South Wales.

Under the deal, Newmont proposes to give investors 0.38 shares for each Newcrest share held. The bid gives Newcrest’s shares an offer price of about $27.16 apiece, based on the exchange rate on 3 February.

If the deal moves ahead, Newcrest will trade as CDIs on the ASX. But so far, the company is yet to officially respond to the takeover bid while it is evaluating it along with its financial and legal advisers.

Shareholders will also need to vote in favour of the acquisition moving ahead, as well as receive the green light from regulators in Australia.

Qantas boss pens apology letter to Australians

Qantas (ASX: QAN) boss Alan Joyce wrote an open letter to apologise for the airline’s recent performance and issues, including many delayed flights, misplaced bags, and flight cancellations.

Mr Joyce also noted that it couldn’t come at a worse time for the flying kangaroo, after just restructuring its business following the disruption caused by COVID-19.

He also noted that this is essentially a follow-up apology to the one he issued to stakeholders in August about similar issues.

Reader feedback collated by ABC News shows that customers were less than impressed with the airline’s recent track record.

Some readers took the chance to take a pot-shot at Mr Joyce himself, with one person writing “And yet after years of poor performance he continues to retain his position whilst his workforce has been gutted.”