Xstrata plans US$5.8bil hostile offer for WMC
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SYDNEY: Xstrata Plc, the world&#39;s biggest exporter of coal for power plants, will make a hostile A$7.4bil (US$5.8bil) cash offer for WMC Resources Ltd.
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Swiss-based Xstrata  on Friday raised its cash offer for Australian coal miner Resource Pacific Ltd  by 12 percent to A$1.08 billion ($964 million) and declared it final.
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Nasdaq launched its 2.7 billion pound ($5.3 billion) hostile bid for the London Stock Exchange on Tuesday, needing just over a fifth of LSE shareholders to accept for it to take control of the bourse.
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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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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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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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Microsoft said&#160;its $44.6 billion offer to purchase Yahoo&#160;is &quot;fair&quot; and hinted that it may pursue a hostile takeover of the Internet company, according to a statement Microsoft made Monday in response to&#160;Yahoo&#39;s formal rejection of its buyout offer.In a statement, Microsoft said it&#39;s &quot;unfortunate&quot; that Yahoo &quot;has not embraced&quot; its proposal to combine the two companies, and the rejection of the offer &quot;does not change our belief in the strategic and financial merits of our proposal.&quot;The company also hinted that it may take the offer directly to Yahoo&#39;s shareholders, a move that could result in a hostile takeover.&quot;As we have said previously, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo&#39;s shareholders are provided with the opportunity to realize the value inherent in our proposal,&quot; Microsoft said in its statement.Earlier Monday, Yahoo formally rejected Microsoft&#39;s bid to acquire the company in a half-stock/half-cash purchase, saying it undervalued Yahoo.On Feb. 1, Microsoft offered to pay $31 per share for half of Yahoo&#39;s outstanding shares in cash -- about $22.3 billion -- and 0.9509 of a Microsoft share for the other half. Microsoft&#39;s half-cash/half-stock offer to Yahoo was valued at about $44.6 billion at the time it was made; Yahoo&#39;s share price was $19.18 at the time.However, since then Microsoft&#39;s stock has gone down while Yahoo&#39;s has risen, making the deal, under its current terms, worth less than when it was originally offered. This led to speculation that Yahoo might look for other suitors; the company is reportedly looking for about $40 per share. Yahoo&#39;s share price closed at $29.87 Monday; Microsoft&#39;s closed at $28.21.Some have speculated that Microsoft would raise its offer to the company to about $35 per share -- about midway between its original offer and Yahoo&#39;s target price -- but in its statement on Monday, the company seemed adamant about keeping the offer as it stands.&quot;We are offering shareholders superior value and the opportunity to participate in the upside of the combined company,&quot; Microsoft said. &quot;Based on conversations with stakeholders of both companies, we are confident that moving forward promptly to consummate a transaction is in the best interests of all parties.&quot;Microsoft&#39;s offer to purchase Yahoo is an attempt to join forces and improve both companies&#39; positions against Google in online advertising and services. However, many questioned both the logistical complexity and cultural differences involved in combining the companies, and there are fears that it will thwart rather than help their efforts to compete with Google.Yahoo is reportedly in talks with both AOL and Google to try to avoid being acquired by Microsoft. Analysts said Monday that Yahoo&#39;s initial rejection of the offer is more of an attempt to elicit a higher bid -- either from Microsoft or another company. If none comes, the company might decide in the future to accept Microsoft&#39;s offer as it stands, they said.
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Australian nickel and copper miner WMC Resources Ltd (WMR.AX: Quote, Profile, Research) rejected aA$7.4 billion ($5.5 billion) takeover bid
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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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RESOURCES giant Xstrata announced its first triumph in its $7.4 billion takeover bid for WMC Resources yesterday - the purchase of 173,954 shares.
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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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Xstrata&#39;s $4.97-a-share cash offer is the same price rejected by WMC&#39;s board a few weeks ago when the Swiss company made its initial approaches.
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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 Plc, the world&#39;s biggest exporter of power-station coal, offered A$7.4 billion ($5.5 billion) for WMC Resources Ltd. to gain nickel and copper mines.
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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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Anglo-Swiss miner Xstrata Plc   and Brazil's Vale (VALE5.SA) have been in serious talks over a  46 billion pound ($90.6 billion) takeover but the miners appear  to have reached an impasse, the Financial Times said.
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Nasdaq Stock Market Inc. yesterday launched a $5.3 billion hostile bid for the London Stock Exchange in what analysts say is one of the most aggressive moves yet for market consolidation.