The world's largest miner, BHP Billiton Ltd./Plc, won control of Australia's WMC Resources Ltd, warding off potential rivals by forcing a vote on its A$9.2 billion (£3.8 billion) offer.
With less than six hours before the offer was due to expire, BHP Billiton announced it had taken control of WMC and automatically extended its A$7.85 a share offer until June 17 to seek a higher stake.
BHP Billiton's offer is free from conditions and it must win 90 per cent of the stock before it can make a compulsory acquisition of WMC under Australian takeover law. Otherwise it faces the prospect of keeping WMC as a listed subsidiary company.
With WMC, BHP Billiton moves up a notch to become the world's third biggest nickel producer behind Russia's Norilsk and solidifies its number two ranking in copper behind Chile's Codelco.
Both commodities are at or near their highest prices in years, due in large part to China's modern-day industrial revolution, which has left it needing millions of tonnes of raw materials to build roads, homes and office buildings.
WMC also gives BHP Billiton exposure to uranium via the giant Olympic Dam mine in South Australia, which geologists believe holds more than a third of the world's known reserves. Rising costs for oil have pushed prices for uranium up three-fold to meet renewed demand for nuclear generated energy.
BHP Billiton intends to move quickly to integrate WMC's outback mining and refining operations into its global commodities base.
"It was always going to be close, but there was a wide expectation that BHP would get WMC in the end," Global Mining Research analyst Tony Robson said.
WMC Chairman Tommie Bergman this week implored shareholders to accept, saying the offer was "as good as it is going to get".
Hopes among some WMC shareholders that a higher rival offer was in the wings and public holidays earlier this week in the United States and Britain may have delayed the arrival of acceptances at BHP Billiton's Melbourne headquarters.
Speculation was rampant at one point that industry heavyweights Rio Tinto Ltd/Plc, Inco Ltd., Phelps Dodge Corp. and Anglo American were each preparing counter bids.
"I think Rio played a smart hand in its handling of WMC, keeping its competitor BHP on the edge," said Daiwa's Pervan.
Faced with less than 17 per cent of WMC late on Thursday, BHP Billiton even established special lines so that overseas shareholders could fax their acceptance forms.
BHP Billiton shares had edged 0.3 per cent higher to 685-1/2 pence by 1256 GMT, against a small decline in the UK listed mining sector.
Its shares closed 1.5 per cent higher at A$17.42 in Sydney on Friday. WMC edged up 0.3 per cent to meet the offer price of A$7.85, while Rio Tinto gained 0.7 per cent to A$44.15.