BHP Capital Markets has announced a $1.6bn bid to buy BHP’s futures for the first time.
The bid, which is subject to regulatory approval, is part of a larger $1 billion takeover plan for the oil giant.
The Australian company said it was confident of securing the necessary regulatory approvals.
The company said the $1,000-a-share bid was contingent on BHP meeting a range of performance targets.
The price is a reflection of BHP shares’ recent history, which has seen the company have significant earnings growth, with its shares now trading at a premium to its benchmark price.BHP has been looking for a buyer since it bought oilfield services company BHP Freeport-McMoRan in December 2014.