Iluka ripe for WMCR bid: Smith Barney

CITIGROUP Smith Barney believes the time may be right for WMC Resources to make a scrip bid for mineral sands miner Iluka.

Iluka ripe for WMCR bid: Smith Barney Iluka ripe for WMCR bid: Smith Barney Iluka ripe for WMCR bid: Smith Barney Iluka ripe for WMCR bid: Smith Barney Iluka ripe for WMCR bid: Smith Barney

The brokerage says at $4.39 Iluka is undervalued - trading at a 15% discount to NPV - on account of a weak market and a rapidly appreciating Australian dollar.

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