OZ Minerals launches class action defence

Miner looking to spread blame should it lose a court case over 2008 merger.

OZ Minerals (OZL) has put advisory firm Grant Samuel into the firing line as it looks to beat a shareholder class action relating to the merger that spawned the company in 2008, Fairfax Media reports.

The South Australian-based miner reportedly alleges that Grant Samuel failed to include $US340 million of debt in its analysis ahead of its recommendation that shareholders back the merger of Zinifex and Oxiana six years ago.

According to Fairfax, the accusation has been tabled in a Victorian Supreme Court writ and follows a similar claim OZ has filed against law firm Clayton Utz.

OZ maintains that shareholders were not misled over the merger, but should the miner's arguments fail to convince the courts, it appears set to pin the blame on Grant Samuel.

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