The BHP Group Ltd (ASX: BHP) share price is starting the week off on the right foot, leaping 1.8% to trade at $45.86 in early trading.
The S&P/ASX 200 Index (ASX: XJO) iron ore miner's stock is taking off amid news of its planned acquisition of copper producer OZ Minerals Ltd (ASX: OZL).
For comparison, the ASX 200 is up 1.21% right now while BHP's home sector – the S&P/ASX 200 Materials Index – is gaining 2.11%.
The takeover is one step closer to being realised after it was granted approvals from Vietnam's competition regulator.
Let's take a closer look at the latest from the ASX's biggest company.
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BHP copper acquisition receives regulatory approval
The BHP share price is climbing amid good news of its proposed $9.8 billion acquisition of OZ Minerals.
The pair today announced that Vietnam's Competition and Consumer Authority has approved the takeover – leaving one less condition to be satisfied prior to its implementation.
And just in time. The acquisition will face a shareholder vote on Thursday.
If approved by investors, the court will be given the final say, with implementation then scheduled for early May.
BHP put forward a $28.25 per share bid for the copper miner in November 2022.
That offer will likely be less a $1.75 fully franked dividend OZ Minerals intends to declare, as revealed in February.
Interestingly, the OZ Minerals share price is flat this morning at $28.14 a share, the same as Thursday's closing price.
BHP share price underperforms ASX 200 in 2023
Both stocks have underperformed the broader ASX 200 so far this year.
The index has risen 4% in 2023 so far. At the same time, BHP shares have dumped 0.6% and OZ Minerals' have lifted 0.6%.
Looking further back, the BHP share price is down 12.8% over the last 12 months while OZ Minerals' stock has gained 9.3%. Meanwhile, the ASX 200 has slumped 3.2%.
