Andrew Michelmore, the WMC Resources chief executive, knows a thing or two about exerting superhuman effort to defeat arch rivals. He did so twice in the late 1970s, when he stroked Oxford University Boat Club to victory against Cambridge. The affable Australian was back in London yesterday for another battle, but this time the prize is a big slice of the world’s nickel, copper and uranium production.
Xstrata’s hostile £3.5 billion bid for WMC is set to end WMC’s standing as an independent mining company, and Mr Michelmore has conceded as much. WMC will either succumb to Xstrata’s pressure, or elope with a rival “white knight” bidder.
Yesterday was Mr Michelmore’s second visit to London in less than a month, addressing City institutions that between them own almost 20 per cent of WMC’s Sydney-traded shares. Last night he was on a jet to New York to repeat the performance for North America’s fund managers.
Mr Michelmore, a chemical engineer by profession, began his career with ICI Australia, progressing to CRA (one half of what today is Rio Tinto) before joining WMC in 1993.
A married father-of-two, based in Melbourne, Mr Michelmore had success as a rower in the 1970s, including winning a gold medal for Australia at the 1974 world championship. He was awarded a Rhodes scholarship to complete a masters degree in politics and economics at Oxford.