18/04/2008 - 06:42

Today's Business Headlines

18/04/2008 - 06:42

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Wesfarmers weighs huge equity raising; NAB facing $600m bill after tax case; Opes probe turns up heat on ANZ; Rio shares up 4% as higher BHP bid tipped; Salting case families lose move on Xstrata

Today's Business Headlines

Wesfarmers weighs huge equity raising
Wesfarmers is considering raising up to $2.5 billion through a sharply discounted rights issue to help refinance $3.3 billion of debts used to buy Coles. The West

NAB facing $600m bill after tax case
National Australia Bank might have to make a $600 million tax provision after an adverse Federal Court ruling last Friday against St George Bank. The Australian

Opes probe turns up heat on ANZ
The Opes Prime administrators are investigating legal action against secured creditor Australia and New Zealand Banking Group to undo security over its $650 million debt taken the week before the stockbroker collapsed. The Fin Review

Rio shares up 4% as higher BHP bid tipped
Rio Tinto shares rose to a four-month high yesterday in response to speculation out of London that BHP Billiton may raise it $160 billion hostile takeover bid, though the market remains sceptical of BHP making any such move before securing regulatory approvals. The Australian

Salting case families lose move on Xstrata
The families of three prospectors wrongfully convicted 15 years ago over the Karpa Springs salting scandal have suffered a blow in their campaign to recover more than $5.8 million from a seemingly cash-strapped subsidiary of mining giant Xstrata. The West

THE WEST AUSTRALIAN
Business: Wesfarmers is considering raising up to $2.5 billion through a sharply discounted rights issue to help refinance $3.3 billion of debts used to buy Coles.

Rio Tinto last night renewed its attack on BHP Billiton's scrip-only offer at its London annual meeting of shareholders as rumours abounded that BHP could improve the 3.4-for-one offer before securing anti-monopoly clearance.

Straits Resources is axing its complex 18-months-old corporate structure after failing to reap full value for its Indonesian coal mine business.

The families of three prospectors wrongfully convicted 15 years ago over the Karpa Springs salting scandal have suffered a blow in their campaign to recover more than $5.8 million from a seemingly cash-strapped subsidiary of mining giant Xstrata.

 

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