Fed: Liberal Senator vows to fight on against Xstrata takeover

AAP General News (Australia)
02-11-2005
Fed: Liberal Senator vows to fight on against Xstrata takeover

Liberal Senator ROSS LIGHTFOOT has vowed to continue the fight against a Swiss company's
takeover of an Australian uranium mining group.

Treasurer PETER COSTELLO has said the federal government has no problem with Xstrata's
hostile $8.4 billion takeover bid of WMC Resources.

Senator LIGHTFOOT says the Swiss minerals giant Xstrata is a predator, and he hopes
other companies will now put in rival bids.

Political and business groups have lobbied against the bid on the grounds it would
give Xstrata control over WMC's vast uranium deposits at its Olympic Dam mine in South
Australia.

West Australian Premier GEOFF GALLOP says he also opposes the takeover.

He says the Swiss group has shown it's not a good corporate citizen after abandoning
its vanadium metal mine in the state.

AAP RTV shh/sb/sco/rt

KEYWORD: WMC LIGHTFOOT (CANBERRA)

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