The BHP Group Ltd (ASX: BHP) share price is starting the week off on the right foot, leaping 1.8% to trade at $45.86 in early trading.
The S&P/ASX 200 Index (ASX: XJO) iron ore minerâs stock is taking off amid news of its planned acquisition of copper producer OZ Minerals Ltd (ASX: OZL).
For comparison, the ASX 200 is up 1.21% right now while BHPâs home sector â the S&P/ASX 200 Materials Index â is gaining 2.11%.
The takeover is one step closer to being realised after it was granted approvals from Vietnam’s competition regulator.
Letâs take a closer look at the latest from the ASXâs biggest company.
BHP copper acquisition receives regulatory approval
The BHP share price is climbing amid good news of its proposed $9.8 billion acquisition of OZ Minerals.
The pair today announced that Vietnamâs Competition and Consumer Authority has approved the takeover â leaving one less condition to be satisfied prior to its implementation.
And just in time. The acquisition will face a shareholder vote on Thursday.
If approved by investors, the court will be given the final say, with implementation then scheduled for early May.
BHP put forward a $28.25 per share bid for the copper miner in November 2022.
That offer will likely be less a $1.75 fully franked dividend OZ Minerals intends to declare, as revealed in February.
Interestingly, the OZ Minerals share price is flat this morning at $28.14 a share, the same as Thursday’s closing price.
BHP share price underperforms ASX 200 in 2023
Both stocks have underperformed the broader ASX 200 so far this year.
The index has risen 4% in 2023 so far. At the same time, BHP shares have dumped 0.6% and OZ Minerals’ have lifted 0.6%. Â
Looking further back, the BHP share price is down 12.8% over the last 12 months while OZ Mineralsâ stock has gained 9.3%. Meanwhile, the ASX 200 has slumped 3.2%.
The post The BHP share price is taking off today. Could this be why? appeared first on The Motley Fool Australia.
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More reading
- What’s going on with BHP shares and lithium?
- Which is the best ASX 200 iron ore stock now: BHP, Fortescue, or Mineral Resources?
- Investing in ASX 200 dividend shares? Hereâs how Iâd aim for $200 per month in passive income
- ASX 200 rebounds after RBA hits pause on its rate hikes
- Passive income: How much to invest to get $800 per month
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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