BHP back for Oz Minerals and ASX drops blockchain project: What we learned this week

BHP back with another bid for Oz Minerals

In an ASX announcement on Friday morning, OZ Minerals (ASX:OZL) announced that the company had received another takeover offer from BHP Group (ASX:BHP), proposing $28.25 per share in cash. The offer is 13% higher than an initial proposal made by BHP back in August. The $25.00 per share offer was rejected by Oz Minerals. The new offer represents a 49.3% premium to Oz Minerals’ share price prior to the original offer. The announcement by Oz Minerals also noted the Board intended to unanimously recommend that shareholders vote in favour of the transaction, as it is in the best interests of investors. Following the announcement of the offer, Oz Minerals’ share price jumped 3.17% intraday, ending the week at $27.34.

ASX cans its clearing project

Market operator ASX announced on Thursday they are ending an attempt to use blockchain to replace the current share-transaction software used by ASX also known as the Clearing House Electronic Subregister System (CHESS). The now abandoned project would have mirrored similar technology used in cryptocurrency with the hope of increasing the efficiency of clearing. However, after five delays in seven years and $255 million dollars, the project has been paused following a critical Accenture report.

Australia chats with China after six long years

Australian Prime Minister Anthony Albanese spoke with Chinese President Xi Jinping in a one-on-one session on Tuesday. The meeting was the first time in six years that an Australian Prime Minister formally spoke with the Chinese President. The 32-minute meeting happened on the sidelines of the G20 summit in Bali where the leaders discussed issues ranging from Chinese trade blockages to climate change. Following the meeting, Prime Minister Albanese said the summit was constructive and respectful. He also acknowledged the talk was an important step in moving forward for both countries.

Is there hope for Nuix?

Troubled technology company Nuix (ASX:NXL) saw a lift in share price on Friday after the company provided an update during its annual general meeting. Nuix’s chief executive, Jonathan Rubinsztein, presented some early befits from a transformation project called Nuix 2.0. He cited evidence of an increase in Annualised Contract Value (ACV), which grew 4.6% between June and October this year. He also ensured shareholders that customer relationships remain strong. Following the announcement, Nuix’s share price increased 21.93% intraday, ending the week at $0.70 per share.

What were watching:

• Tuesday: RBA Governeor Lowe Speech
• Wednesday: Bank od England Pill speech

One good read:

FTX was not very careful