Wesfarmers’ $776m Kidman takeover greenlit

Wesfarmers’ $776 million takeover of lithium producer Kidman Resources has been ticked off by the Federal Court.

The Federal Court on Thursday made orders approving the Perth-based conglomerate’s acquisition after Kidman shareholders last week overwhelmingly voted in favour of the $1.90 per share offer.

Kidman shareholders will be paid out on September 23, when the scheme is due to be implemented.

Their cash payment will be funded from Wesfarmers’ bank facilities.

The Kidman deal was first flagged in May as Wesfarmers eyed off a number of acquisitions after pocketing $3.17 billion from November’s spin-off of Coles and divestment of Bengalla, Kmart Tyre and Auto, and Quadrant Energy.

The retail giant completed a deal for Catch Group in August for $230 million, which will be rolled into the Kmart Group, while a $1.5 billion tilt at rare earths miner Lynas was snuffed out last month.

AAP

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.