Xstrata plc has announced that the existing cash offer by Xstrata Capital Holdings Pty Ltd, its subsidiary, for all the issued shares of WMC Resources Limited has been declared to be free from all conditions.
As a consequence, Xstrata will accept, pay for and own all shares tendered between now and the close of business on 24 March when the offer is due to close.
In addition, Xstrata announces its intention to terminate the withdrawal rights and that it will pay broker commission on acceptances in respect of parcels of shares held by retail shareholders. As Xstrata’s offer was made ‘cum dividend’, the consideration payable by Xstrata has adjusted, following the 1 March record date for the unfranked WMC dividend of $0.20, to $7.00 per WMC share.
The offer of $7.00 cash per share remains final and Xstrata would not increase the offer unless a superior proposal is announced by WMC or another bidder.