BHP Billiton
The Xstrata takeover offer lapsed after a higher offer was made by BHP Billiton, with support from the WMC Resources board. On 3 June 2005, about 6 hours before the BHP Billiton takeover offer was due to close, it was announced that 55% of the shares had accepted the offer. Under the Corporations Act 2001 this automatically extended the offer period by another 14 days to 17 June. BHP Billiton had gained control of the company. On the afternoon of 17 June 2005, BHP Billiton announced that it had achieved 90.5% ownership, and would proceed to acquire the remaining shares.