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BHPBill mails Bidder's Statement to WMC
BHP Billiton commenced mailing the Bidder`s Statement, together with WMC Resources Ltd`s Target`s Statement, to WMC Resources Ltd`s shareholders today.
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BHPBill lodges bidder's statement for WMC
BHPBill, on 22 March 05, lodged with the Australian Securities and Investments Commission the Bidder`s Statement for its cash offer of AUD7.85 per share for the entire issued capital of WMC Resources Ltd. BHPBill intends to mail both the Bidder`s Statement and WMC`s Target`s Statement to WMC shareholders from 29 March 2005.
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BHPBill to delist from LSE
BHPBill announced, on 22 March 05, its intention to cancel its secondary listing of BHP Billiton Ltd ordinary shares from the Official List of the UK Listing Authority and from trading on the LSE. This action is being taken due to the low liquidity of shares on the LSE, the costs associated with the maintenance of the London listing and the confusion caused by having both BHP Billiton Ltd and BHP Billiton Plc listed in London. For the avoidance of doubt, this action does not affect the London listing of BHP Billiton Plc in any way. Following cancellation, BHP Billiton Ltd shares will continue to be traded on the Australian Stock Exchange and as ADRs on the New York Stock Exchange. The company is circulating full de-listing details to affected shareholders. It is anticipated that the London listing will be withdrawn with effect from the close of business on Friday 29 April 2005.
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BHPBill makes cash offer for WMC Resources
BHP Billiton today announced a cash offer of AUD7.85 per share for the entire issued capital of WMC Resources Ltd (`WMC Resources`), valuing WMC Resources equity at AUD9.2bn (USD7.3bn). The board of WMC Resources has unanimously recommended that WMC Resources shareholders accept the BHP Billiton offer in the absence of a superior proposal and has indicated that the directors will be accepting this offer for their own holdings of WMC Resources shares on that basis. The offer is AUD0.85 per share higher than Xstrata`s cash bid of AUD7.00 per share and in the top half of the valuation range provided by Grant Samuel, WMC Resources` independent expert, in its Target Statement.
The offer is subject to a number of conditions including BHP Billiton receiving necessary regulatory approvals and acquiring at least 90% of the number of WMC Resources ordinary shares on issue. BHP Billiton holds economic exposure to 50.6 million WMC Resources shares (4.3% of the issued share capital) through cash settled derivative contracts. WMC Resources has entered into a Deed of Undertaking with BHP Billiton in relation to BHP Billiton`s offer. This includes a break-fee of AUD92m (USD73m) payable to BHP Billiton in certain circumstances, including a successful competing takeover proposal.
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BHPBill may make cash offer for WMC Resources
BHPBill appointed Deutsche Bank to assess the feasibility of acquiring a stake in WMC Resources Ltd. A decision was made not to acquire any shares. BHP Billiton holds economic exposure to 50.6 million (4.3%) WMC Resources shares through cash settled derivative contracts. BHP Billiton will seek discussions with the board of WMC Resources regarding the possibility of making an all cash offer for the entire issued share capital of WMC Resources.
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BHPBill appoints Deutsche Bank
Following market speculation, BHPBill confirms that it has appointed Deutsche Bank AG to assess the feasibility of acquiring a stake in WMC Resources Ltd.
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