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WMC Says Xstrata Takeover Offer Inadequate

Nov 23 2004

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WMC notes the announcement made by Xstrata today that it intends to make a conditional takeover offer for WMC at a price of $6.35 per share.

WMC reiterates that the offer fails to recognize the current and prospective value of WMC's assets and the strategic benefits to Xstrata or other potential acquirers.

Since the announcement of Xstrata's conditional proposal on 28th October 2004, WMC's share price has been trading substantially in excess of the offer price.

WMC will continue to keep its shareholders fully informed and a further announcement will be made in due course.

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