WMC Rejects $5.5bn Xstrata Bid
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Australian nickel and copper miner WMC Resources rejected aA$7,4bn takeover bid from Xstrata, but left the door open for a higher offer, which sent its shares soaring.
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A $7.4 billion takeover bid for the Australian mining company WMC Resources has seen its share price surge by 36 per cent. The Swiss-based mining house Xstrata wants to add WMC Resources to its Australian mining portfolio.
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Australia's Qantas Airways Ltd.  rejected on Wednesday a A$10.9 billion ($8.6 billion) buyout offer from a group led by Macquarie Bank Ltd.  and private equity firm Texas Pacific Group .
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SWISS mining giant Xstrata issued documents yesterday backing its hostile $7.4 billion cash offer for WMC Resources, and cranked up a fear campaign to focus shareholder attention on the downside risk if the bid was to lapse.
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Another bid in the mining sector turned hostile yesterday when Xstrata said it would take its A$7.4bn (Â£3.2bn) offer for WMC Resources directly to shareholders.
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Melbourne - WMC Resources, the world&#39;s fifth-biggest nickel producer, has invited potential partners to study its Olympic Dam copper, gold and uranium mine as it tries to fend off aA$7.4 billion (R33.37 billion) hostile bid from Xstrata.
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The London Stock Exchange (LSE) has rejected a proposed offer for the company from Deutsche Boerse valued at 530 pence per share in cash.
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The Swiss mining company Xstrata began a hostile $5.8 billion bid for the Australian mining company WMC Resources yesterday, in what analysts said could turn into an international bidding war
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Xstrata Plc, the world&#39;s biggest exporter of power-station coal, offered A$7.4 billion ($5.5 billion) for WMC Resources Ltd. to gain nickel and copper mines.
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WMC, the Australian mining firm, turns down a $5.5bn bid from Swiss company Xstrata but says it is willing to hold talks on a deal.
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Anglo-Australian mining giant Rio Tinto said Wednesday that it had rejected a 147.4-billion-dollar (100.9-billion-euro) takeover bid from peer BHP Billiton.
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EMI Group Plc is expected to reject a  potential 2.5 billion pound ($4.92 billion) bid from private  equity firm Permira as being too low, the Times newspaper said  on Monday.
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Australia's Qantas Airways Ltd.   rejected on Wednesday a conditional A$10.9 billion  ($8.6 billion) buyout offer led by Macquarie Bank Ltd.   and private equity firm Texas Pacific Group .
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MELBOURNE (Dow Jones)--Australia&#39;s WMC Resources Ltd. (WMC) on Thursday said it recently received a conditional takeover proposal from London-listed resource major Xstrata PLC (XTA.
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The London Stock Exchange  reiterated on Tuesday its rejection of a 2.7 billion pound ($5.3 billion) bid from U.S. rival Nasdaq Stock Market Inc .
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SWISS mining giant Xstrata issued documents backing its hostile $7.4 billion cash offer for WMC Resources yesterday and cranked up a fear campaign to focus shareholders on the downside risk if the bid were to lapse.
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Australian nickel and copper miner WMC Resources has turned down an offer from Swiss-based Xstrata that valued the company at Aust.