Australia&#39;s WMC Puts Defense Hopes In Untapped Resource
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OLYMPIC DAM, South Australia (Dow Jones)--WMC Resources Ltd. (WMR.AU) is pinning its defense from aA$7.4 billion takeover bid by Xstrata PLC (XTA.
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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 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 value of Australia&#39;s commodity exports is expected to hit $95 billion this financial year, with minerals and energy expected to drive the improvement.
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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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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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Australia admitted for the first time on Thursday that securing an oil supply is a key factor behind its involvement in the US-led war in Iraq.
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When you hear the phrases &quot;strong military&quot; or &quot;military-industrial complex,&quot; one country comes right to mind.
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A respected defense think tank has called for Australia and India to hold joint naval patrols to combat piracy, people-smuggling and terrorism in the Indian Ocean.
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Growing demand for resources in Asia is being served by a group of big Western companies.
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Xstrata on Monday launched a hostile bid for the Australian miner WMC Resources in what analysts predicted could turn into an international bidding war as the global hunt for inexpensive resources to supply China intensifies.
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A plan by Australia to extend its maritime security zone into New Zealand territorial waters has taken New Zealand by surprise. Australia&#39;s Prime Minister John Howard says ships destined for Australia could
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SYDNEY : Australia&#39;s largest state said it would invest 27 million dollars (21.3 million US) in a specialist marine command capable of conducting high-speed pursuits of terrorists and other criminals.
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Australia&#39;s swift reaction to the sniper killing of one of its soldiers serving with an international peacekeeping force in the troubled Solomon Islands on Wednesday will likely quell any further turmoil.
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Prime Minister John Howard says he is confident Australia&#39;s neighbours will understand the Government&#39;s decision to purchase long-range cruise missiles.
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SYDNEY : Australia announced a cruise missile programme to give it the region&#39;s &quot;most lethal&quot; air combat capacity, a move that further strained awkward relations with Indonesia.
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A US-Australia push for stronger nuclear safeguards is likely to dominate the security debate at this year&#39;s APEC leaders meeting in Santiago, Chile.