ADELAIDE, Australia—Copper mining company Oz Minerals rejected a takeover approach by BHP Group which is seeking to boost its output of a metal needed for electric vehicles, wind turbines and solar farms.
Adelaide-based Oz Minerals said Monday it had received a proposal on Friday from BHP to buy the company for 25 Australian dollars a share. That price, equivalent to about $17 a share, values the company at almost 8.4 billion Australian dollars, or roughly $5.8 billion.