Buyouts boost profits at Xstrata
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Profits at mining group Xstrata more than double, boosted by acquisitions and rising metals prices.
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Fourth-quarter profit more than tripled as more companies listed on the exchange, the company said.
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MELBOURNE: Swiss-based miner Xstrata said on Monday it would take its A$7.4bn ($5.8bn) bid for Australiaâs WMC Resources directly to shareholders, turning hostile after WMCâs management rebuffed its offer last month.
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Stocks rose on Monday as stronger-than-expected profits in the pharmaceutical sector and news of a takeover in the oil services industry fueled a rebound from Friday's sell-off.
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Swiss-based Xstrata  on Friday raised its cash offer for Australian coal miner Resource Pacific Ltd  by 12 percent to A$1.08 billion ($964 million) and declared it final.
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Anglo-Swiss miner Xstrata Plc  on  Monday offered A$3.1 billion ($2.8 billion) for Australian  nickel miner Jubilee Mines NL , seeking to consolidate  its position as a global nickel producer.
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Xerox Corp , the world's biggest supplier of office printers, copiers and related services, on Friday posted better-than-expected quarterly earnings, boosted by solid gains in equipment sales.
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Investment bank Bear Stearns reports a 38% jump in quarterly profits, boosted by merger and acquisition deals.
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EMC reported a 74% rise in quarterly profit and doubled its stock buyback program to $2 billion, sending shares up 4% today. The stock was also boosted by strong results yesterday from business software maker VMware Inc.
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Anglo-Swiss miner Xstrata Plc offered A$3.1 billion ($2.8 billion) on Monday for Australia's fifth-largest nickel producer Jubilee Mines NL, the latest outback miner to catch the eye of a big international firm as metal prices soar.
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Company's recent acquisition will improve its competitive advantages.
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Shares of WMC Resources Ltd., the world&#39;s fifth-largest nickel metal producer, rose on optimism Xstrata Plc. will need to raise its A$7.4 billion ($5.8 billion) hostile bid and that other companies may submit higher offers.
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Reuters Group Plc RTR.L posted better  than expected full-year profits on Wednesday thanks to  disposals, cost cutting, improving sales and a return to profit  at electronic trading unit Instinet, which it may sell.
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Xstrata yesterday took its $5.8 billion (Â£3.1 billion) cash bid for Australian miner WMC hostile, laying the ground for another major takeover clash between the old guard and the new of the mining world.
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The European aerospace giant EADS today announced that it had more than doubled its profits in the first nine months of the year. EADS said the increase was helped by a surge in deliveries of its Airbus passenger jets.
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Mining stocks made gains on Thursday amid talk of further M&A activity.
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Swiss-based Xstrata  on Friday  raised its cash offer for Australian coal miner Resource  Pacific Ltd  by 12 percent to A$1.08 billion ($964  million) and declared it final.