Retail shareholders are allowed to subscribe for one new Wesfarmers share for every eight shares held. A retail subscription will open on May 26.

Antam/Zhongjin extends bid for Herald Resource

Herald Resources Ltd''s suitors Antam/Zhongjin today extended its $505 million takeover bid for target by almost a month to June 5 from May 6 as it still awaits approval from FIPB approval for the bid.

The Herald board has already recommended Antam/Zhongjin''s offer of $2.50 a share. Indonesia''s largest coal miner, PT Bumi Resources has been experiencing difficulty finalising debt funding to partially finance its $444.8 million, $2.25-per-share takeover bid.

Last week, Bumi extended its self-imposed deadline to finalise funding for the third time. Bumi has a 19.83 stake in Herald while Antam/Zhongjin has a 10.72% interest.

Herald stock fell 1.8%.

Midwest to respond to Sinosteel

Takeover target Midwest Corporation Ltd today indicated that it would respond to its criticism by Sinosteel Corporation in its statement to be released tomorrow.

In a statement to Midwest shareholders on Thursday, Sinosteel stated that Midwest''s dispute with former ally Yilgarn Infrastructure Ltd could jeopardise Midwest''s ability to secure a state government tender to develop the Oakajee port and related infrastructure in Western Australia.

The bid - the first hostile takeover attempt by a Chinese corporation for an Australian company - became unconditional last week when Chinese regulatory approvals were received.

A fortnight ago, Midwest said it needed a shareholder approval to formally appoint privately held Yilgarn as the developer because Yilgarn and Sinosteel were associated parties.

Sinosteel, which has a 19.89% stake in Midwest, has made commitments to invest in Yilgarn.

Sinosteel is offering $1.19 billion for Midwest.