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WMC chairman says demerger in best interests of shareholders.

Asia Africa Intelligence Wire

| October 28, 2002 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From AAP News)

Byline: Byron Kaye and Belinda Tasker

SYDNEY, Oct 28 AAP - WMC Ltd has moved ahead with its controversial plan to split in two, unveiling forecasts for substantial increases in earnings to rally investor support. At an estimated cost of $127 million, WMC hopes to relist on the Australian and New York stock exchanges in December as two separate companies, WMC Resources Ltd and Alumina Ltd. WMC will call on stakeholders to back the move next month, having obtained Victorian Supreme Court approval to convene shareholder meetings. The split is aimed at obtaining a higher valuation for Alumina in the event of a takeover and improving reporting …

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