BHP Billiton nears 90 percent stake in WMC

SYDNEY - The world's largest miner, BHP Billiton Ltd./Plc., said it has increased its stake in Australia's WMC Resources Ltd. to 87.73 per cent, near the 90 per cent threshold it needs to make a full acquisition.

The A$9.2 billion, or A$7.85 a share, bid is due to expire at 7:30 p.m. on Friday, unless it is extended.

Under Australian takeover law, a bidder may compulsorily acquire the rest of a target company's shares once it secures a 90 per cent stake.

BHP Billiton won control of WMC two weeks ago and automatically extended its offer.

The acquisition of WMC will make BHP Billiton the world's third biggest nickel producer behind Russia's Norilsk and solidify its number two ranking in copper behind Chile's Codelco.

WMC also gives BHP Billiton exposure to uranium via the giant Olympic Dam mine in South Australia, which geologists believe holds more than a third of the world's known reserves.