Business Services Industry
AUSTRALIA'S WMC DEFENDS ITS DEMERGER PROPOSAL.
AsiaPulse News, November, 2002
PERTH, Nov 14 Asia Pulse - WMC Ltd (ASX:WMC) today again defended the group's demerger proposal as a defence mechanism against its Alcoa World Alumina and Chemicals (AWAC) joint venture partner Alcoa Inc.
"The demerger is predicated upon the directors belief that Alcoa will again seek to acquire our 40 per cent interest in AWAC," chief executive High Morgan said.
"The demerger is designed to preserve and enhance our shareholders value when that happens."
WMC has been plotting its demerger into WMC Resources Ltd and Alumina Ltd since late last year, when it knocked back an informal A$11 billion (US$6.18 billion), A$10.20 per share takeover offer from US-based Alcoa.
However analysts remain split as whether or not they endorse the...
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