Australia&#39;s WMC Resources Says No Takeover Offer Made -2-
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MELBOURNE (Dow Jones)--Australian diversified nickel producer WMC Resources Ltd. (WMC) on Wednesday said it hasn&#39;t received any new takeover proposals.
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Coles Myer, the Australian retailer, rejected a $13 billion offer from buyout firms led by Kohlberg Kravis Roberts & Company as too low. The offer, 14.50 Australian dollars ($11.16) a share, Âsubstantially undervaluedÂ the company, said Coles MyerÂs chairman, Richard H. Allert. The bidding group, which includes Bain Capital and the Blackstone Group, wanted management backing for the offer, Mr. Allert said. Coles Myer, which is based in Melbourne, has about 35 percent of AustraliaÂs grocery market, and Woolworths, based in Sydney, has about 40 percent.
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The Takeovers Panel said today that Brundwo Pty Limited has offered two undertakings relating to its proposed A$1.2 billion bid for Australian Leisure &amp; Hospitality Group Limited (ALH).
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Swiss-based miner Xstrata says it will take its A$7.4 billion (3.1 billion pound) bid for Australia&#39;s WMC Resources directly to the company&#39;s shareholders, effectively making a hostile bid after WMC&#39;s management rejected its offer
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BHP Billiton    is unlikely to increase its $130 billion unsolicited  proposal to acquire mining rival Rio Tinto   by  a February 6 deadline, The Wall Street Journal reported on  Monday. BHP could be trying to pressure Rio to negotiate by  holding firm with its three-for-one share offer, which has yet  to be formalized, the newspaper said, citing sources familiar  with the company's plans.
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Nordic bourse operator OMX   is not in talks with any other suitors, people  familiar with the situation said on Wednesday, as market  speculation of a rival takeover offer sent shares soaring.
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OTTAWA (CP) - Finance Minister Ralph Goodale refused to comment Thursday on rumours that the federal government is on the verge of a multibillion-dollar sale of its stake in Petro-Canada.
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Manchester United, the world's richest football club, said that no firm takeover offer had been received from US sports tycoon Malcolm Glazer though a bid was still possible.
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WMC currently is fending off a AU$7.4 billion takeover bid by Switzerland-based Xstrata PLC. The mining company upgraded its earnings forecast to around $1.3 billion for the calendar year, above analysts&#39; expectations.
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South African gold producer Gold Fields rejects a $8.2bn bid by rival Harmony, saying the offer is not attractive.
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IF Xstrata&#39;s Scotch CEO Mick Davis thought he could get WMC Resources on the cheap he now knows otherwise. The Swiss miner is offering $7.4 billion, or $6.35 a share, for Australia&#39;s third biggest resources company.
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WELLINGTON (Dow Jones)--New Zealand Contact Energy&#39;s (CEN.NZ) independent directors Monday recommended that shareholders not accept a takeover offer from Australia&#39;s Origin Energy Ltd.
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Australia's second-biggest retailer,   Coles Myer Ltd., on Wednesday rejected a A$17.3 billion ($13.3   billion) buyout bid by a private equity consortium, saying it   substantially undervalued the company.
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LONDON (CBS.MW) - Swiss mining conglomerate Xstrata said Thursday it has offered to buy the entire issued share capital of Australian company WMC Resources for A$7.
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Australian mining group WMC Resources Ltd has formally rejected a 7.4 billion dollar (5.73 billion US) takeover bid by Swiss-based Xstrata Plc, using an independent report to back its view the offer was neither fair or reasonable.
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Xstrata on Monday launched a hostile bid for the Australian miner WMC Resources in what analysts predicted could turn into an international bidding war as the global hunt for inexpensive resources to supply China intensifies.
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SYDNEY (Dow Jones)--The Takeovers Panel has stamped on an attempt by Woolworths Ltd. (WOW.AU) to bluff shareholders into accepting an 11th hour takeover bid for Australian Leisure &amp; Hospitality Group Ltd.