BHP Billiton/WMC Getting its way

There were no fireworks at the end of the WMC saga. Australian traders had hoped for a repeat of the excitement earlier this year, when BHP Billiton trumped Xstrata’s second offer for the Australian miner with a bid of $9.2bn ($6.9bn). That was to prove the best offer on the table. BHP Billiton now has 55% of the shares. In the short term, this is certainly a good deal for BHP Billiton. The prices of both nickel and copper, WMC’s main products, have climbed back up to their cyclical peak. That ...