Costello: No objection to Xstrata bid for WMC =3 (reopens)

AAP General News (Australia)
02-11-2005
Costello: No objection to Xstrata bid for WMC =3 (reopens)

Mr Costello was asked whether BHP Billiton or Rio Tinto would be subject to foreign
investment review requirements if they decided to make rival bids for WMC.

He said it was likely they would have to go through the same process as Xstrata if
they were deemed to be foreign.

"If they were deemed to be foreign corporations they might," he said.

"They would have to apply and it would have to be considered on its own merits."

Mr Costello said that, if Xstrata breached any of the conditions, the approval of its
bid could be declared void and they could be forced to divest WMC.

"We will use all of the powers that are available if you breach a condition of approval
in Australia and you will be subject to divestment," he said.

AAP

KEYWORD: WMC 3 MELBOURNE

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