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OZ shareholders vote in favour of sale

OZ Minerals shareholders yesterday overwhelmingly voted in favour of accepting China’s Minmetals increased offer for the company’s assets.

Ninety two per cent of the votes cast were in favour of the deal.

Earlier in the week Minmetals increased its offer by US$180 million to US$1.386 billion.

The increased offer, which fell within an independent evaluator’s appraisal range of OZ Minerals’ assets, came after OZ this week announced it would not proceed with an 11th hour recapitalisation proposal from Macquarie Group.

OZ Minerals said that the Minmetals deal will not incur any of the incremental costs that come with recapitalisation, such as underwriting fees, break fees and corporate overhead costs.

Despite other recent offers, Minmetals has been the sole company to provide OZ Minerals with a complete answer to its financial concerns, chairman Barry Cusack said.

“Minmetals initially offered to support OZ Minerals by bidding for the company at a time when OZ Minerals was facing serious financial difficulties,” he said.

“Since February 2009, Minmetals has been the only entity that has offered OZ Minerals a complete solution to its refinancing issues. Their support has been constant and they have acted in good faith at all times.”

OZ Minerals strongly urged its shareholders to accept the Minmetals proposal.

“The Board of OZ Minerals unanimously recommends that shareholders vote in favour of the improved Minmetals transaction,” Cusack said.

“OZ Minerals will have a positive future with the exciting Prominent Hill operation and, thanks to the increased Minmetals offer, an even stronger balance sheet.”

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