CAPITAL MARKETS

WMC shares retreat

SHARES in WMC Resources were this afternoon heading back down towards BHP Billiton’s takeover bid price of $7.85, with speculators possibly having their optimism for a counter-bid dampened by potential predator Rio Tinto revealing details of a previously announced share buy-back.

Michael Quinn

Rio said it was targeting to repurchase around $US300-400 million worth of shares at a discount of at least 8% to the market price, though the ultimate size of the buy-back would be dependant on shareholder...

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