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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The board of IBM Corp. has authorized up to $4 billion in additional funding for its stock buyback program. Armonk, NY-based IBM (NYSE: IBM) says it will repurchase shares on the open market or in private
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SINGAPORE Ever since WMC Resources rejected Xstrata&#39;s $5.8 billion takeover offer last month, saying it was insufficient, WMC&#39;s chief executive, Andrew Michelmore, has been saying that there was more to his company than meets the eye.
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What's holding companies back? Can anything be done to rev up their investment spending?
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The FTSE 100 took advantage of a bouyant utility sector to stage a late fightback and recoup some of its early losses.
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Investors who see company buybacks of stock as only good news may be overlooking the damage that certain share repurchases can do to companies&#39; financial health.
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SYDNEY  - British-Swiss resources group Xstrata has relaunched its already-rejected 7.4 billion dollar (5.7 billion US) bid for WMC Resources, this time pitching the offer directly to WMC shareholders rather than through the company.
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MINER and takeover target WMC Resources today forecast a record profit for 2004 and unveiled plans to hand back $1 billion in cash to shareholders.
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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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Xstrata Plc, the world&#39;s biggest exporter of coal for power plants, offered to buy WMC Resources Ltd. for A$7.4 billion ($5.5 billion) in cash to add nickel and copper mines as China&#39;s demand for metals grows.
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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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The shares rebound after the company recalled a product.
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SHARES in WMC Resources surged 36 per cent yesterday after it revealed it had become a takeover target for Swiss mining giant Xstrata.
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Defensive stocks were in demand on Monday as the FTSE 100 sustained further losses.
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TOM ELLIOTT, MM&amp;E CAPITAL: Well, the bid that received the most attention was London-based Xstrata&#39;s offer to buy WMC Resources, the old Western Mining, at $6.
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As it reported results on Tuesday, the Vodafone Group, the world&#39;s largest mobile phone operator, said that it would double dividends and increase a share buyback program by Â£1 billion ($1.9 billion).
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These companies are buying back some of their shares. Should you join them?