BHP cleared the way for WMC takeover

BHP cleared the way for WMC takeover

BHP Billiton reported that the company obtained the approval of Australian Competition and Consumer Commission (ACCC) for its bid offered for WMC Resources Ltd. Now, the company cleared most of the way for the acquisition. The company offers A$7.85 ($6.03) per share for WMC Resources Ltd, and the entire acquisition will cost the company approximately A$9.2 billion. BHP plans to obtain all WMC Resources shares by May 6, 2005.