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Kidman backs Wesfarmers takeover proposal

Wesfarmers has announced a A$776 million (US$546.17 million) non-binding cash takeover proposal for lithium developer Kidman Resources.

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Wesfarmers managing director Rob Scott

The Perth-based retail and chemicals conglomerate is proposing to offer $1.90 per Kidman shares, a 47% premium to yesterday's closing price and a 44.