Proactive Investors - Run By Investors For Investors

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).



View full . profile View Profile

Proactive Investors Australia Timeline

Related Articles

May 22 2019
Here we take a closer look at Bloomsbury Publishing PLC (LON:BMY)
January 30 2019
“With the geopolitical landscape remaining in flux, clients are looking for greater certainty from their marketing programmes which our agencies and data businesses are proving able to provide"
Students in a class
August 27 2018
The company is gaining traction in Asia where people are looking to take language courses to work or study internationally

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use