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S&P/ASX 200 down 0.6% mid-afternoon, WES bids for KDR

Wesfarmers (ASX:WES) has lobbed a $1.90 cash bid to acquire Kidman Resources (ASX:KDR).

asx electronic board
S&P 500 Index finished down 0.75% and the Nasdaq Composite finished down 0.57% last night

S&P/ASX 200 (INDEXASX:XJO) is down 0.65% or 41.2 points lower to 6,334.7 points at 2.15pm.

The slow start today was spurred by a late sell off in the US with both the S&P 500 Index (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) finishing lower.

The late US sell off came as the Federal Reserve’s Jerome Powell kept rates on hold and indicated no strong case for rate cut or hike.



Wesfarmers lobs $786 million bid for Kidman

Wesfarmers this morning revealed a $1.90 cash bid to acquire all shares in Kidman Resources valuing the purchase at $776 million.

Shares in Kidman are up 44.2% to $1.86 today from their closing price yesterday of $1.29.

Kidman’s major asset is a 50% interest in the Mt Holland lithium project based in Western Australia.

Mt Holland is jointly owned with Sociedad Quimica y Minera de Chile S.A. (SQM), one of the world’s largest producers and marketers of lithium products.

A number of lithium stocks are trading higher today on the news including Orocobre (ASX:ORE), Galaxy Resources (ASX:GXY), and Pilbara Minerals (ASX:PLS).



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