TP05/004
The Takeovers Panel (Panel) advises that it has received an application dated 12 January 2005 from Xstrata Capital Holdings Pty Ltd (Xstrata Capital) in relation to its takeover offer for all the shares in WMC Resources Ltd (WMC). The terms of Xstrata Capital's offer are set out in the replacement bidder's statement dated 16 December 2004. WMC issued a target's statement dated 4 January 2005 in relation to Xstrata Capital's offer, which incorporated an independent expert's report.
Xstrata Capital's application alleges that there are a number of material misstatements in, and omissions from, the WMC target's statement and the independent expert's report which are misleading.
Xstrata Capital has sought a declaration of unacceptable circumstances under section 657A of the Corporations Act 2001 (Cth) and final orders requiring supplementary disclosure in order to rectify the alleged deficiencies.
The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the other parties to the application and it is, therefore, unaware of their views.
The President of the Panel is appointing a sitting Panel to consider the application.
Marian Micalizzi
Acting Director,
Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
