Xstrata Makes a Bid for WMC Resources
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Swiss mining group Xstrata PLC Monday launched a hostile 7.4 billion Australian dollar (US$5.8 billion; euro4.4 billion) bid for uranium and copper miner WMC Resources LTD, increasing pressure on the independent Australian miner.
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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&#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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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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The Australian dollar may gain after Switzerland-based Xstrata Plc bid A$7.4 billion ($5.8 billion) for WMC Resources Ltd., stoking speculation it will have to buy dollars to pay shareholders.
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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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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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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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PERTH (Dow Jones)--Australia&#39;s WMC Resources Ltd.(WMR.AU) said Monday that it will spend up to A$650 million expanding its nickel unit later this decade as it tries to
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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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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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Anglo-Swiss miner Xstrata Plc  and Brazil's Vale  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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The chief executive of WMC Resources has denied the company&#39;s share buyback and the sale of part of its business is designed to undermine a takeover offer from Swiss-based Xstrata.
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Anglo-Swiss miner Xstrata  offered A$3.1 billion ($2.8 billion) on Monday for Australia's fifth-largest nickel producer Jubilee Mines NL , the latest outback miner to catch the eye of a big international firm as metal prices soar.
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Australian nickel miner WMC Resources will explore for nickel and copper in western China in a joint venture with China&#39;s Jinchuan Group, the companies said Friday.
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Anglo-Swiss miner Xstrata Plc  on Monday offered A$3.1 billion ($2.8 billion) for Australian nickel miner Jubilee Mines NL , seeking to consolidate its position as a global nickel producer.