Fans of S&P/ASX 200 Index (ASX: XJO) copper shares will have one less horse in the race after today. OZ Minerals Ltd (ASX: OZL) shares are to be removed from the market this evening following BHP Group Ltd (ASX: BHP)’s takeover.

The $219 billion iron ore giant announced the completion of its $9.6 billion acquisition yesterday afternoon. That sees it become the official parent company of the copper miner.

Trading of OZ Minerals shares ceased on the close of 18 April. That stock has been halted at $28.19 since.

So, what’s next for the ASX 200 copper giant and its fans? Let’s take a look.

All OZ Minerals shares have been acquired by BHP

BHP has officially enveloped OZ Minerals shares, with those holding stock in the takeover target being paid $28.25 per share yesterday.

That means anyone wanting exposure to the company from today forward ­­will need to invest in BHP stock to get it.

The good news? The acquisition leaves BHP with a far larger critical metals footprint. CEO Mike Henry commented yesterday:

This acquisition strengthens BHP’s portfolio in copper and nickel and is in line with our strategy to meet increasing demand for the critical minerals needed for electric vehicles, wind turbines and solar panels to support the energy transition.

The payment made to the takeover target’s shareholders yesterday included $26.50 per share of cash from BHP and a fully franked $1.75 per share dividend offered by OZ Minerals. BHP’s portion of the payment was funded using cash reserves and the proceeds of a debt facility.

BHP first bid for the copper giant in August last year, first offering $25 per share before upping its offer to $28.25 per share. The OZ Minerals share price soared 35% on the initial bid and leapt another 4% on the revised offer.

Following the takeover’s implementation, BHP holds OZ Minerals’ major Prominent Hill and Carrapateena assets. They’re located nearby its existing Olympic Dam asset in South Australia.

Prominent Hill’s underground operations delivered 1.2 million tonnes of ore at 1.31% copper last quarter. Carrapateena, on the other hand, produced 15,080 tonnes of copper and 19,868 ounces of gold over the period.

Commenting in the company’s final quarterly production report late last month, CEO and managing director Andrew Cole said:

The board and management would like to thank all our stakeholders for their contribution to OZ Minerals’ success.

We trust that they feel value has been created for them in line with our strategy of creating value for all our stakeholders and our purpose, going beyond what’s possible to make lives better.

All that’s left to do now is bid farewell to the ASX 200 copper favourite before it delists this afternoon.

The post Bye bye OZ Minerals shares appeared first on The Motley Fool Australia.

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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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