SYDNEY: The Australian government yesterday cleared Switzerland-based Xstrata Plc’s A$8.4bil hostile bid for WMC Resources Ltd, opening the door for other overseas bids and pushing WMC’s shares to a record high.
Australian Treasurer Peter Costello’s decision not to block the bid on national interest grounds ended months of speculation over whether Xstrata would be allowed to pursue WMC, which sits on 38% of the world’s uranium reserves.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
