BHP Billiton’s (BHP-N) white-knight bid for WMC Resources (WMC-N) has received approval from Australia’s Foreign Investment Review Board.
Government approval was announced by Australian Treasurer Peter Costello on April 4, subject to the condition that BHP consult with the government on any third-party deals it makes that touch on uranium production or sales. The government regulates sales of Australian uranium to foreign buyers.
BHP has bid A$7.85 cash for all shares of WMC, an offer that is to close on May 6. It outbid Swiss-based metal trader and producer Xstrata (XTA-L) on March 8.
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