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By Rhiannon Hoyle

Oz Minerals Ltd. has rejected a nonbinding takeover proposal from BHP Group Ltd., saying it considerably undervalues the Australian copper-and-gold mining firm.

Adelaide-based Oz Minerals stated it obtained the unsolicited and conditional proposal from the world’s largest mining firm by market worth on Aug. 5 to accumulate its shares for 25 Australian {dollars} (US$17.30) every. Oz Minerals final traded at A$18.92 a share.

BHP already has a stake of lower than 5%, the corporate stated.

BHP Chief Government Mike Henry stated he was “disenchanted that the Board of OZL has indicated that it isn’t prepared to entertain our compelling supply or present us with entry to due diligence in relation to our proposal.”

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

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