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May 17th - According to data from online platforms, as of May 17th, the total box office revenue for films in 2026 (including pre-sales) has exceeded 14.4 billion yuan.Qatars Ministry of Foreign Affairs: The Prime Minister and Foreign Minister of Qatar held a telephone conversation with the Saudi Foreign Minister. They reviewed bilateral cooperation and ways to further support and strengthen it, and also discussed regional developments, particularly those concerning the US-Iran ceasefire, as well as efforts aimed at de-escalating tensions and enhancing regional security and stability.According to Al Jazeera, the Israeli military stated that an "a suspicious aerial target" was detected after alarms were sounded in the northern Misgaff-Am region. The aircraft crashed near an area where Israeli forces were operating in southern Lebanon, and there were no casualties reported.On May 17th, Yonhap News Agency reported that Samsung Electronics labor and management will begin a second round of post-incident mediation at 10:00 AM local time on the 18th. Previously, the labor side had announced an 18-day general strike starting on the 21st, making the possibility of reaching an agreement through mediation to resolve the conflict and avoid a strike a major concern. Under the mediation of the Central Labor Committee of the Ministry of Employment and Labor, labor and management held marathon negotiations from the early morning of the 11th to the 13th, but failed to narrow the gap on performance bonus payment standards, leading to a breakdown in negotiations. The committee requested on the 14th that labor and management restart negotiations on the 16th, but this was refused. This time, both sides accepted the mediation request, and negotiations will resume after a five-day hiatus. Samsung Electronics Chairman Lee Jae-yong returned to South Korea on the 16th after an overseas business trip. Upon arriving at the Gimpo Business Aviation Center in Seoul, he called on labor and management to return to the negotiating table. Lee Jae-yong stated that at this moment, they should unite their strength and move in the same direction, and once again exert their utmost efforts to truly be proud to be "Samsung people." Minister of Employment and Labor Kim Young-hoon also met with representatives of labor and employers on the 15th and 16th respectively to explain the governments position and coordinate opinions.On May 17, according to Japans Kyodo News, a U.S. Navy sailor stationed in Japan was arrested by local police on suspicion of stealing a wallet and other items. The report stated that the incident occurred at approximately 2:15 AM local time (1:15 AM Beijing time) on May 17. The suspect allegedly stole a paper bag containing a wallet, smartphone, and other items worth approximately 105,000 yen (about 4,503 yuan) from a taxi in Sasebo City, Nagasaki Prefecture. The taxi driver called the police, reporting that a man suddenly got into the car, argued with a woman inside, and then stole the paper bag. The report also stated that the U.S. sailor is affiliated with the U.S. Marine Corps base in Sasebo and has denied some of the charges.

The $5.8 billion offer by BHP Group for Oz Minerals was rejected

Charlie Brooks

Aug 08, 2022 11:02

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Monday, Australian copper miner OZ Minerals Ltd (ASX:OZL) rejected a $5.8 billion purchase offer from BHP Group (ASX:BHP), citing the deal's "seriously undervalued" nature.


BHP offered A$25 per share for Oz Minerals on Monday, representing a premium of 32,1% over the stock's weekly closing price. Oz Minerals will sell the Carrapateena and Prominent Hill copper holdings in South Australia to the world's largest mining business.


However, the board of directors of Oz Minerals rejected the offer because it could not comprehend the development potential of its copper and nickel holdings.


We extract minerals that are in strong demand, particularly for the global electrification and decarbonization trend, and our Resource and Reserve base has a long life. We do not feel that BHP's proposal appreciates these features appropriately," Oz Minerals CEO Andrew Cole said in a statement.


In addition, the company revealed that BHP had purchased a stake in the company through derivative instruments comprising less than 5 percent.


Copper prices have plummeted as a result of a global downturn in industrial activity, and BHP's offer comes at a time of great uncertainty.


A series of COVID lockdowns in China, the largest copper importer in the world, have considerably impacted copper consumption. This has resulted in a decrease of more than 40 percent in the stock price of Oz Minerals so far this year.


The second half of 2022 is predicted to witness a major reversal of this trend as the government adopts further economic development stimulative measures.


By expanding its copper presence, BHP is aiming to diversify its interests outside its principal export of iron ore. The majority of the company's copper output comes from the Escondida mine in Chile, which has been the scene of several worker clashes in recent years.


BHP's chief executive officer, Mike Henry, released a statement expressing his "disappointment" at Oz Minerals' rejection of the offer.


Copper and nickel demand is predicted to expand in the coming years due to their widespread usage in electric vehicles and lithium-ion batteries.

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