bhp - it is a full bid

BHP official annoucement to the ASX at 08:43. Read the last paragraph:

BHP Billiton appointed Deutsche Bank to assess the feasibility of acquiring a stake in WMC Resources Limited.

A decision was made not to acquire any shares. BHP Billiton holds economic exposure to 50.6 million (4.3%) WMC Resources shares through cash settled derivative contracts.

BHP Billiton will today seek discussions with the board of WMC Resources regarding the possibility of making an all cash offer for the entire issued share capital of WMC Resources.