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BUSINESS
January 8, 1996 | Times Staff and Wire Reports
Steel and Energy Firm Completes Magma Takeover: Broken Hill Proprietary Co. said its $2.40-billion takeover bid for Magma Copper Co. has succeeded, that it has acquired 87% of the Tucson, Ariz.-based company. Magma will become part of the new BHP Copper Group, which is expected to become the world's No. 2 producer of copper, behind Codelco of Chile, and ahead of No. 3 Phelps Dodge Corp. of Arizona. Burgess Winter, Magma president and chief executive, will head the new company.
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BUSINESS
January 8, 1996 | Times Staff and Wire Reports
Steel and Energy Firm Completes Magma Takeover: Broken Hill Proprietary Co. said its $2.40-billion takeover bid for Magma Copper Co. has succeeded, that it has acquired 87% of the Tucson, Ariz.-based company. Magma will become part of the new BHP Copper Group, which is expected to become the world's No. 2 producer of copper, behind Codelco of Chile, and ahead of No. 3 Phelps Dodge Corp. of Arizona. Burgess Winter, Magma president and chief executive, will head the new company.
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BUSINESS
November 27, 1985
The company said it sold the unit, which has oil and natural gas interests in the United States, Canada and Colombia, to Broken Hill Proprietary Co. of Australia for $745 million. The sale involved Monsanto Oil Co., Monsanto Oils Ltd. and partnership interests in a Canadian syndicate. Monsanto announced in July that it planned to sell its oil and gas assets following its agreement to buy G. D. Searle & Co. for $2.8 billion.
BUSINESS
July 4, 1994 | From Times Staff and Wire Reports
California Gets a New Plant: Broken Hill Proprietary Co. of Australia said it will build a $60-million plant in Rancho Cucamonga to coat sheet steel with Zincalume, a zinc and aluminum product that resists rust. The plant will have a capacity of 550,000 tons a year and will be the only such installation in the western United States.
BUSINESS
April 15, 1986 | Associated Press
Broken Hill Proprietary Co. said Monday that it has acquired rights to 20% of Elders IXL Ltd.'s stock in a move analysts said was designed to protect both companies from takeover specialist Robert Holmes a Court. The investment by Broken Hill, valued at 1.22 billion Australian dollars, or $876 million at current exchange rates, followed Elders' purchase last week of nearly 20% of Broken Hill's stock for 1.7 billion Australian dollars, or $1.22 billion.
BUSINESS
January 9, 1995 | From Times Staff and Wire Reports
6.85 Million Tons of Oil Exported: The Saigon Liberation Newspaper reported that about 99% of the 1994 total, or 6.79 million tons, came from the White Tiger oil field off the South Vietnam coast. The Big Bear oil field, now being drilled by Vietsovpetro and Australian mining giant Broken Hill Proprietary Co., produced its first 60,000 tons. A third field, Blue Dragon, being drilled by Mobil Oil Corp., is now starting production. Crude oil exports are expected to reach 8 million tons this year.
BUSINESS
November 27, 1987 | From Reuters
Robert Holmes a Court's Bell Resources Ltd. appears to be preparing the way for a takeover bid in Australia after boosting its cash position with the sale of half its stake in Texaco Inc. to TWA, analysts here said Thursday. The deal brings TWA's stake in Texaco to almost 7.4%. Some speculated that the reclusive Holmes a Court was clearing the decks for another assault on Broken Hill Proprietary Co. Ltd., the oil and mining conglomerate of which he already holds almost 30%.
BUSINESS
December 2, 1995 | Times Staff and Wire Reports
Mega-Merger of Copper Giants to Pressure Rivals: The $2.4-billion acquisition of Magma Copper Co. by Australian resources giant Broken Hill Proprietary Co. creates a strong No. 2 world producer of the key industrial metal and puts pressure on rivals to cut costs, analysts said. The transpacific marriage was greeted warmly by analysts, but some wondered if the long-term copper price used to evaluate the deal was too optimistic and if BHP had picked the right moment to make its move.
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