The BHP Group Ltd (ASX: BHP) share price is in the green in morning trade, up 0.29%.
BHP shares closed on Friday trading for $38.04 and are currently trading for $38.16 apiece.
This comes amid media speculations that the S&P/ASX 200 Index (ASX: XJO) mining giant may be set to increase its takeover offer for Oz Minerals Ltd (ASX: OZL).
What's this about a sweetened takeover offer?
Citing people familiar with the matter who wish to remain anonymous, Bloomberg reports that BHP is mulling upping its $25 per share bid for copper, nickel and gold miner Oz Minerals.
On 8 August, BHP lobbed an unsolicited, conditional and non-binding indicative proposal to acquire all shares in Oz Minerals in cash via a scheme of arrangement, valuing the company at $8.4 billion.
As you likely recall, the Oz Minerals board unanimously rejected that offer, saying it undervalued the company's assets.
OZ Minerals CEO, Andrew Cole said at the time:
We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations.
We are mining minerals that are in strong demand particularly for the global electrification and decarbonisation thematic and we have a long-life Resource and Reserve base. We do not consider the proposal from BHP sufficiently recognises these attributes.
The BHP share price closed 1% higher on 8 August, while Oz Minerals shares rocketed an incredible 35% by the closing bell.
Now, the cited sources said, BHP was still looking to increase its exposure to metals like copper, which are likely to see long-term demand growth amid the world's push towards electrification.
Those sources said BHP may sweeten its takeover proposal for Oz Minerals as early as this month, saying Oz Minerals is seeking an offer of some $10 billion, or around $30 per share.
Both Oz Minerals and BHP have so far declined to comment on any new potential takeover offer. And the sources stated that there were no guarantees BHP would indeed come back with an improved offer, nor any certainty that Oz Minerals would accept a higher bid.
The Oz Minerals share price is up 4% in early trade today.
BHP share price snapshot
The BHP share price peaked in mid-April amid sky-high iron ore prices. BHP shares have retraced since then amid falling prices for the industrial metal. Still, the BHP share price remains up 2% over the past 12 months, compared to a 7% full-year loss posted by the ASX 200.
