# BHP's making a play for WMR



## DTM (8 March 2005)

BHP gapped down today but is filling in very fast.  News announcements says that they are currently in a meeting with WMR for a cash buyout of WMR.  This could be a goer.


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## doctorj (8 March 2005)

Suprised its cash and not scrip.  Perhaps a cash bid indicates they're willing to offer a nice premium.


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## taurus (8 March 2005)

Cheers for the news...could be very promising


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## doctorj (8 March 2005)

This news followed BHP doing a $1billion raid on WMR yesterday.

Unfortunately yesterday, nobody could tell if it was BHP or RIO.


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## DTM (8 March 2005)

doctorj said:
			
		

> This news followed BHP doing a $1billion raid on WMR yesterday.
> 
> Unfortunately yesterday, nobody could tell if it was BHP or RIO.




Something like that would have triggered alarm bells **PREDATOR ALERT**


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## RichKid (8 March 2005)

There was some heightened speculation about the buying yesterday, made it to today's FinReview, anncts were expected, looks like they couldn't buy up enough last week.

Xtrata must be really mad!! Did you guys see the 4Corners story on Mark Rich and the Glencore cartel? There's a book called 'Metal Men' by Copetas on commodities trading and Glencore. I'm planning on reading it soon to see how these people really operate.


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## DTM (8 March 2005)

RichKid said:
			
		

> There was some heightened speculation about the buying yesterday, made it to today's FinReview, anncts were expected, looks like they couldn't buy up enough last week.
> 
> Xtrata must be really mad!! Did you guys see the 4Corners story on Mark Rich and the Glencore cartel? There's a book called 'Metal Men' by Copetas on commodities trading and Glencore. I'm planning on reading it soon to see how these people really operate.




Saw on the news this morning and it said that BHP had bought up 10% of WMR before heading in to meet with WMR directors to make their cash offer.  Do you think it was a friendly gesture?  

If BHP succeeds, it would virtually monopolise Uranium production for next umpteenth years, and I'm sure they think in terms of decades when it comes to planning. Thats probably why I think RIO may make a play as well.


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## RichKid (8 March 2005)

DTM said:
			
		

> Saw on the news this morning and it said that BHP had bought up 10% of WMR before heading in to meet with WMR directors to make their cash offer.  Do you think it was a friendly gesture?
> 
> If BHP succeeds, it would virtually monopolise Uranium production for next umpteenth years, and I'm sure they think in terms of decades when it comes to planning. Thats probably why I think RIO may make a play as well.




I thought BHP only got just under 5% (see anncts), AFR said they were ringing around trying to get as much WMR as possible for 7.85. Funny thing is BHP isn't all Aussie anymore but people will support it over 'foreign' co's politically, only good thing is it still employs lost of Aussies and is less shady than Xtrata (read 'Glencore cartel'). You're right about this being a really big deal, it truly is a global contest. RIO won't sit still imo. Problem with Uranium and current possible bidders is that most have a big share already, getting this prize will put them ahead of the pack, hence the interest from Paris to Zug. Michelmore is between a rock and a hard place he won't have a choice before long. Let's see how high this goes. Might be some buying opportunities as BHP falls back. I see it as one co that can really cash in long term on the resources boom.


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## RichKid (8 March 2005)

Well, looks like the games have only just begun!! Exciting times ahead in this little saga. At least WMR will be happy that Xtrata didn't get it on the cheap. WMR shareholders are the definite winners. Appears BHP were rushed by RIO and have stuffed up a bit before getting to 10%, quite different to the consummate ease with which Xtrata started things off:

Here are a couple of good background articles on today's events- the truth of what really happened won't be know for awhile.

http://www.smh.com.au/news/Business...strata-over-WMC/2005/03/08/1110160785669.html

http://www.smh.com.au/news/Business/Deutsche-in-1-billion-WMC-raid/2005/03/07/1110160759448.html


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## whisky6210 (8 March 2005)

RichKid said:
			
		

> There was some heightened speculation about the buying yesterday, made it to today's FinReview, anncts were expected, looks like they couldn't buy up enough last week.
> 
> Xtrata must be really mad!! Did you guys see the 4Corners story on Mark Rich and the Glencore cartel? There's a book called 'Metal Men' by Copetas on commodities trading and Glencore. I'm planning on reading it soon to see how these people really operate.




Great book.....Did you know President Clinton tried to give a presidential pardon for his 30 year gaol term but the FBI kicked up(look up marc rich on Google).
Also he was caught going through London airport with $1 million in cash in a brief case!!!


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## RichKid (8 March 2005)

whisky6210 said:
			
		

> Great book.....Did you know President Clinton tried to give a presidential pardon for his 30 year gaol term but the FBI kicked up(look up marc rich on Google).
> Also he was caught going through London airport with $1 million in cash in a brief case!!!




Yep, heard about the Clinton pardon- sure is powerful when a US president risks his reputation to pardon a crook. 
But mate, I can't believe the London story, you have got to be joking!! or is it just petty cash for him?? Truth is stranger than fiction!!

They said on four corners that the top Glencore people are conservatively estimated to be worth over $1billion dollars- that's right- $1billion dollars- EACH!! And most of us poor sods who get excited about making a few thousand on a trade think we're doing well...


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