An end to peace talks between BHP and Andrew Forrest’s Wyloo Metals about a deal to control Canadian nickel explorer, Noront Resources.
BHP told the ASX on Monday the two sides were unable to reach agreement on Wyloo, which owns 37.5 per cent of Noront, supporting a takeover by BHP.
The news came less than a week after BHP extended the deadline for Noront shareholders to accept its 72 cents Canadian offer to mid January.
BHP on Monday urged Noront shareholders to accept by mid-January its all-cash offer, which needs the support of 50.1% of non-BHP shareholders. Noront shares last traded at C73¢.
Wyloo has a 70 cents Canadian offer on the table and has built its stake to 37.5% of Noront’s issued shares.
Noront Resources has extensive interests in the ‘Ring of Fire’ area in northern Ontario that is rich in nickel, copper and platinum minerals.
Wyloo is a subsidiary for Forrest’s private investment vehicle Tattarang. It also has stakes in other miners, including Western Areas, the Perth based nickel miner being stalked by IGO.
