WMC rejects Xstrata&#39;s $5.5B bid
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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, the largest in Europe, quickly rejected NasdaqÂs $5 billion cash offer.
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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 Plc., which has made a hostile A$7.4 billion ($5.7 billion) bid for WMC Resources Ltd., said it received the first acceptance of its offer for the world&#39;s fifth largest nickel producer.
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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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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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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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Warner Music Group Corp. said  Wednesday its &#36;4.6 billion (2.5 billion pounds) counter-bid for  its larger rival EMI Group has been rejected.
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Wireless phone provider Leap Wireless International Inc. said Sunday that it is rejecting an unsolicited buyout offer from MetroPCS Communications Inc.
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PeopleSoft&#39;s (PSFT) board Wednesday rejected Oracle&#39;s (ORCL) &quot;best and final&quot; hostile takeover bid worth about $8.
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SYDNEY (Dow Jones)--Xstrata Plc (XTA.LN) said Monday that its A$6.35-a-share cash bid for Australia&#39;s WMC Resources Ltd. (WMR.
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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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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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Australia's Qantas Airways Ltd.  has rejected a conditional A$10.9 billion ($8.6 billion) buyout offer led by Macquarie Bank Ltd.  and Texas Pacific Group .
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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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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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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.