Wednesday, September 06, 2006

BHP charm offensive flunks -

How do those Californians resist all that sweet talk?


BHP Billiton's glowing press in Australia over its $US10.5 billion ($13.7 billion) earnings doesn't seem to have rubbed off on Californians.
Neither has, apparently, about $US1.8 million in cash and educational wine and cheese parties.
As the Los Angeles Times reports, about 12,000 Californians have filed comments with regulators regarding BHP's proposed $US800 million liquefied natural gas terminal off Malibu.
The majority of the submissions are against the project, which would see West Australian gas commercialised and shipped to the US. Environmental groups are arguing the terminal would breach the Clean Air Act in the already smog-filled LA region.
The Times notes that BHP spent $US1.8 million lobbying for the project last year, which was the seventh-highest expenditure among all special interest groups in the state.
Pipe pair bleedingAlinta says it won't give up on its stake in the Australian Pipeline Trust without a fight, but it looks like its battle with the Takeovers Panel will spill more than a little blood in the process.
The panel has yet to outline the reasons for its declaration of unacceptable circumstances against Alinta, which is attempting to acquire a 19.9 per cent stake in APT. The panel also refused to say whether it will force Alinta to sell the stake.
But the markets weren't waiting around to find out.
Shares in Alinta and APT dived on the latest developments. Alinta sank to a low during the day of $10.85, later closing steady at $10.94. APT reached a low of $4.56 before finishing 15c lower at $4.65.
APT, which owns or has an interest in 8000km of Australian gas pipelines, warned investors the panel's decision could affect the price of its units. "Accordingly, until such time as the orders of the Takeovers Panel are finally made and published, those trading in APT should be cautious," it said.

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