BHP will reward shareholders with an unprecedented $12.5bn dividend payout this week with the $2.5518 fully franked dividend swelling plenty of bank accounts across the country. We believe that BHP will ultimately buy OZL for closer to $30 per share than its original $25 bid which means investors can simply buy / add to BHP position to increase a portfolios copper exposure albeit in a very diluted fashion i.e. BHP Groups (BHP) market cap is $198bn compared to OZ Minerals (OZL) currently ~$8.8bn.
- We see no reason to fight BHP’s sideways trend between $35 and $45, ignoring the spikes in either direction, hence MM is likely to tweak our holding up or down as the stock ventures into either extreme.
MM remains long and bullish BHP
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