WMC turns down $5.5bn Xstrata bid
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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.
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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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Hutchison Telecommunications International Ltd., controlled by Hong Kong billionaire Li Ka- shing, cut its initial public offer by as much as a fifth after investors snubbed the sale because the price was too high.
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MELBOURNE (Dow Jones)--Swiss-based Xstrata Plc (XTA.LN) Thursday put WMC Resources Ltd. (WMR.AU) in play, offering A$7.4 billion for the Australian miner that represents the start of a long bidding war.
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Australian nickel and copper miner WMC Resources has rejected aA$7.4 billion (3 billion pounds) takeover bid from Swiss-based Xstrata, but has left the door open for a higher offer.
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Swiss mining group Xstrata PLC Monday launched a hostile 7.4 billion Australian dollar (US$5.8 billion; euro4.4 billion) bid for uranium and copper miner WMC Resources LTD, increasing pressure on the independent Australian miner.
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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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The London Stock Exchange today said it had rejected a Â£1.35 billion takeover approach from German rival Deutsche Boerse. Shares in the LSE have risen 25 per cent in recent weeks as investors anticipated a possible takeover bid.
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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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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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XSTRATA, the diversified miner, will have to increase its A$7.4 billion (Â£3.1 billion) bid for WMC Resources if it is to succeed, analysts have said.
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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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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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ConocoPhillips says  that a decision not to accept a minority stake  in Venezuelan oilfields may cost it $4.5bn.
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Business & money: Shares in world's largest miner down almost 6% in London after hostile Â£75bn takeover bid for Rio Tinto
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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 chief executive of WMC Resources has denied the company&#39;s share buyback and the sale of part of its business is designed to undermine a takeover offer from Swiss-based Xstrata.