I thought Wayne said last decade that a bid might be coming from...

I thought Wayne said last decade that a bid might be coming from Xstrata? I guess reality caught up to Wayne.


http://www.theaustralian.com.au/business/reality-catches-up-with-maverick-mccraes-cudeco-pitch/story-e6frg8zx-1225907985007


But in between a performance closer to a smoko than a market presentation, he also dropped the news that his neighbour, Xstrata, was going to buy him out soon.

"I did have discussions with Xstrata and they've already told me they're going to own (the company)," McCrae said. "I said there are other people, (and Xstrata) said we will own them, too."

So confident was he of Xstrata's intentions that he boasted "as sure as the sun comes up tomorrow, we won't own the company by December".

The news that Xstrata would take over Cudeco hit the investor chatrooms, and its shares were again off to the races, ending the day up 52c, or 13 per cent, at $4.42 in a burst of late trading.

Xstrata was forced to issue a statement denying any such talk, and Cudeco itself issued a statement after the market closed, bagging media speculation and claiming "the company is not in any takeover discussion with Xstrata Plc or any other company".