Sydney, July 17, 2007 (ABN Newswire) - Australian shares have barely moved this morning with investors cautious after a mixed lead from Wall Street. Gains were locked in advancers such as Alumina and Paladin Resources briefly jumped on takeover speculation, which it later denied.

At Midday the ASX200 index has eased 4 points to 6,377 and on the futures market the SPI 200's down 5.

Territory Resources could announce the final details of its $700 million plus offer for Consolidated Minerals today. Territory is expected to offer either $2.00 plus one of its shares for each Consolidated share, or three of its shares and no cash, is trying to upend a recommended offer of $680 million by Pallinghurst Resources. Pallinghurst is offering $1.68 cash plus two new Consolidated shares for five old ones. Consolidated is in the process of postponing a July 19 shareholder vote on the Pallinghurst offer so as to consider the Territory proposal but there are concerns about the long term value of Territory shares. The shares, currently in a trading halt, last traded at $1.10 but have traded as low as 35 cents earlier this year. Shares in Consolidated have slipped 0.58% to $3.43

The full report is available at the following video and audio links.

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