UPDATE: Australia&#39;s WMC Ups Stakes In Xstrata Battle
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PERTH (Dow Jones)--Trying to derail Xstrata Plc.&#39;s (XTA.LN) hostile takeover bid, WMC Resources Ltd. (WMR.AU) Thursday said it will return up to A$1 billion to shareholders
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By Lilly Vitorovich Of DOW JONES NEWSWIRES SYDNEY (Dow Jones)--After securing overwhelming support from Duelguide PLC&#39;s shareholders, Australia&#39;s Westfield Group (WDC.
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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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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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LONDON (Dow Jones)--Mining group Rio Tinto Ltd. (RTP) is considering trumping a GBP2.9 billion bid by rival Xstrata PLC (XTA.LN) for Australian nickel miner WMC Resources Ltd.
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MARK COLVIN: All this year, the business world has been abuzz with talk about the board of Telstra, and whether Chief Executive Ziggy Switkowski could survive.
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WMC Resources, the Australian mining group fighting a hostile A$7.4bn takeover bid from Xstrata, is to return up to A$1bn (US$1.3bn) to shareholders after yesterday upgrading its profit forecast for 2004.
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Swiss-based miner Xstrata Plc   extended its hostile offer for Falconbridge Ltd.  by  two weeks to July 21 on Friday, as it played for time in a  battle for the Canadian nickel miner.
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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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Xstrata Plc, the world&#39;s biggest exporter of coal for power plants, will make a hostile A$7.4 billion ($5.8 billion) cash offer for WMC Resources Ltd.
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Business & money: Insurer Resolution is under pressure to seek talks on a Â£35bn bid from rival Pearl Group.
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Australian mining firm WMC Resources says it is worth up to 30% more than a hostile $5.8bn takeover bid by Swiss rival Xstrata.
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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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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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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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Shares of WMC Resources Ltd., the world&#39;s fifth-largest nickel metal producer, rose on optimism Xstrata Plc. will need to raise its A$7.4 billion ($5.8 billion) hostile bid and that other companies may submit higher offers.
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The Australian government said it would not block Anglo-Swiss mining giant Xstrata's hostile takeover bid for WMC Resources despite opposition within its own ranks at giving a foreign company control of the world's largest uranium deposit.