Xstrata dropped all conditions on its $6.4 billion offer for WMC in an effort to get rid of bidding competition.
According to Financial Times,
"The group also unveiled a steep jump in annual pre-tax profit from $354m to $1.37bn, thanks to higher coal, copper and zinc prices.
Xstrata last month increased its offer for WMC, which mines copper, uranium and nickel, to A$7.20 a share and extended the bid deadline until March 24."
Treasurer Peter Costello approved the takeover of WMC Resources by Xstrata keeping Glencore out of any role in marketing Australian uranium.
WMC's starting price was set at Xstrata's $7.20 per share offer.
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