Xstrata makes $5.8B bid for WMC
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TOKYO (CBS.MW) - Swiss mining conglomerate Xstrata said Monday it offered to buy the entire issued share capital of major Australian mining company WMC Resources for A$7.4 billion ($5.79 billion) in cash.
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As Swiss-based miner Xstrata pushes ahead with its A$7.4bn (US$5.8bn) hostile takeover bid for WMC Resources, debate over the deal has narrowed to one key issue - the potential of the Australian miner&#39;s giant Olympic Dam project.
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Shares in Anglo-Swiss miner Xstrata   climbed as much as 3.2 percent on Wednesday, as traders  cited persistent market talk of a bid from Brazilian mining  giant Vale (VALE5.SA).
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Anglo-Swiss mining group Xstrata said on Friday that it now owned almost 95 percent of shares in takeover target Jubilee Mines and was expected to win full control in the coming days.
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MELBOURNE - 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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Swiss-based miner Xstrata says it will take its A$7.4 billion (3.1 billion pound) bid for Australia&#39;s WMC Resources directly to the company&#39;s shareholders, effectively making a hostile bid after WMC&#39;s management rejected its offer
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IF Xstrata&#39;s Scotch CEO Mick Davis thought he could get WMC Resources on the cheap he now knows otherwise. The Swiss miner is offering $7.4 billion, or $6.35 a share, for Australia&#39;s third biggest resources company.
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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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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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Xstrata Plc  said it has agreed to pay A$3.1 billion ($2.8 billion) for Australian nickel miner Jubilee Mines Ltd , seeking to consolidate its position as a leading nickel producer.
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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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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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Shares in Anglo-Swiss miner Xstrata  climbed as much as 3.2 percent on Wednesday, as traders cited persistent market talk of a bid from Brazilian mining giant Vale .
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SYDNEY Xstrata, the world&#39;s biggest exporter of power-station coal, offered 7.4 billion Australian dollars, or $5.5 billion, for WMC Resources on Thursday to add nickel and copper mines to its portfolio.
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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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XSTRATA saw its shares fall 1.4 per cent yesterday after the London-listed miner said it was taking its A$7.4 billion (Â£3.12bn) offer for Australiaâs WMC Resources hostile, following a rebuff from the WMC board last month.
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LionOre Mining International, the nickel producer, said that the takeover offer of $6.8 billion Canadian dollars ($6.3 billion) from Norilsk Nickel of Russia was superior to a rival offer by Xstrata of Switzerland. Xstrataâs most recent bid was for $6.2 billion Canadian dollars. Both companies have now made two offers for LionOre. Under the terms of an agreement signed with LionOre, Xstrata has until June 1 to match Norilskâs offer.