King & Wood Mallesons is advising Australian mining giant BHP in its $5.8 billion bid for copper and nickel producer OZ Minerals, which is being advised by Gilbert + Tobin.
BHP has made an A$8.4 billion offer for OZ Minerals, which the smaller miner has rejected.
“We are disappointed that the Board of [OZ Minerals] has indicated that it is not willing to entertain our compelling offer or provide us with access to due diligence in relation to our proposal,” BHP chairman Mike Henry said in a statement.
The OZ Minerals share price was sitting at A$25.40 on Wednesday, above the $25 offer from BHP, suggesting investors expect BHP to follow its initial offer with a higher bid or another suitor to make a bid.
The KWM team advising BHP is led by corporate M&A partner Peter Stirling, with fellow corporate M&A partner Diana Nicholson and energy and mining & resources partner Scott Langford also advising.
Gilbert + Tobin is acting for OZ Minerals, the miner said in a statement. The firm declined to comment, but it has acted for OZ Minerals before, advising on the acquisition of nickel and copper miner Cassini Resources in2020.
BHP said in April it expects demand for copper to double and nickel to quadruple by 2050 for use in electric cars, solar panels and wind farms as the global economy decarbonises.