Buyback bolsters WMC&#39;s defences
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WMC Resources buttressed its takeover defences yesterday with a record 2004 profit forecast and a $600 million capital return and share buyback program.
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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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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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The hidden truth behind those apparently generous buybacks.
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PERTH (Dow Jones)--Australia&#39;s WMC Resources Ltd.(WMR.AU) said Monday that it will spend up to A$650 million expanding its nickel unit later this decade as it tries to
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MELBOURNE (Dow Jones)--Xstrata PLC (XTA.LN) Monday launched a hostile A$7.4 billion bid for WMC Resources Ltd. (WMR.AU), increasing pressure on Australia&#39;s last sizable
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A consortium headed by Goldman Sachs, which lost out in the Â£1.6bn bidding war for Warner Chilcott last week, is considering coming back with a higher offer for the women&#39;s healthcare company.
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Credit Suisse will seek to launch a  share buyback plan worth up to 6 billion Swiss francs ($5  billion), it said on Thursday, after reporting a better than  expected 22 percent rise in fourth-quarter net profits.
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Troubled retailer M&S is offering 332-380p a share in a Â£2.3bn buyback scheme - less than Philip Green offered for control of the group.
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Xstrata yesterday threatened to withdraw its hostile Â£2.9 billion takeover offer for WMC if the Australian miner indicated it would dilute value by paying out up to A$1 billion in cash to shareholders.
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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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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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The brokerage will buy back more than 100 million of its shares at up to $22.50 each, and will pay a one-time dividend.
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These companies want to buyback their shares, which just might boost their earnings per share.
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Marks & Spencer begins buying back more than a quarter of its shares in a move that will return Â£2.3bn ($4.2bn) to shareholders.
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WMC Resources Ltd., which is fighting a takeover bid from Xstrata Plc, will give as much as A$1 billion ($760 million) of cash to shareholders as the world&#39;s fifth-largest nickel producer forecast higher-than-expected profit.
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The company plans to recoup by raising its commission on items that sell.