While OAO Magnitogorsk Iron & Steel’s takeover of Australia’s Flinders Mines Ltd. is seen as the most likely deal in the world to fail, traders can still double their money betting another bidder will buy Flinders.
When Hamish Douglass’s first child was born in 1999, he wrote to Berkshire Hathaway Inc. Chairman Warren Buffett to tell him that he had bought shares of the company to give to his son when he turned 21.
AWE Ltd., an explorer with shale fields in Australia and an oil project in Indonesia, rejected a A$752 million ($673 million) initial takeover proposal from Senex Energy Ltd., saying it undervalued its shares.
Glencore International Plc and Rio Tinto Group are among miners buying out companies in which they own stakes during the downturn in equity markets. Katanga Mining Ltd. and Extract Resources Ltd. may be the next targets, said Liberum Capital Ltd. and Ord Minnett Ltd.