|
|
Article: Xstrata deal faces rivalRussian nickel producer bids for LionOreMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- May 4, 2007
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
|
Brett Foley
International Herald Tribune
05-04-2007
GMK Norilsk Nickel, the world's largest nickel producer, offered 5.3 billion Canadian dollars Thursday for LionOre Mining International in an effort to break up Xstrata's agreement to buy LionOre. Norilsk's offer of 21.50 dollars a share in cash is 16 percent more than the 18.50-dollar-a-share bid made March 26 by Xstrata, which is based in Zug, Switzerland. The bid from Norilsk, which is based in Moscow, is also 14 percent more than LionOre's closing price in Toronto on Wednesday.''Norilsk is sitting on a huge cash pile which is growing fast with the nickel price at nearly $50,000'' a metric ton, said John Meyer, an analyst with Numis ...