Treasurer Approves Xstrata Takeover of WMC

    February 11, 2005

Treasurer Peter Costello approved the takeover of WMC Resources by Xstrata keeping Glencore out of any role in marketing Australian uranium.

According to The Australian,

Mr Costello gave the green light to the takeover yesterday, but was forced to respond to a barrage of criticism about Xstrata’s close links with the shady Swiss-based company.

He made transparency in marketing one of five binding conditions on Xstrata taking over the Australian company, saying this would ensure that “the company that is responsible for the marketing, particularly in relation to uranium, is Xstrata itself”.

WMC’s starting price was set at Xstrata’s $7.20 per share offer.

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