Question
WA Iron Ltd (WAL) is one of the largest iron ore producers in Western Australia. It owns 5% of the shares in Queensland Metals Ltd
WA Iron Ltd (WAL) is one of the largest iron ore producers in Western Australia. It owns 5% of the shares in Queensland Metals Ltd (QML), a medium-sized copper and gold producer in Queensland which is listed on ASX. The other shareholders of QML are ET super (10%), RG Associates (6%), QML directors (4%) and retail investors (75%). WAL made a formal takeover bid for all the shares in QML, but only succeeded in acquiring an additional 82% of the shares. Will WAL now be able to compulsorily acquire the remaining 13% of shares? Be sure to cite the relevant provisions of the Corporations Act in support of your answer.
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