TP05/009
The Takeovers Panel (Panel) advises that it has received an application dated 14 January 2005 from WMC Resources Ltd (WMC) in relation to the takeover offer by Xstrata Capital Holdings Pty Ltd (Xstrata Capital) for all the shares in 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.
On 4 January 2005, Xstrata plc issued a press release regarding the WMC target's statement and the independent expert's report. WMC's application alleges that Xstrata plc's press release contained misleading statements.
WMC 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 correct the alleged misleading statements.
The Panel has not decided whether to conduct proceedings in relation to WMC's application and makes no comment on the merits of the application.
As stated in the Panel's media release TP05/07 of 13 January 2005, the Panel has commenced proceedings in relation to an application from Xstrata Capital. If the Panel decides to commence proceedings in relation to WMC's application, it will deal with the matters raised in WMC's application as part of those current proceedings.
Marian Micalizzi
Acting Director,
Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
