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Article: Xstrata seeks LionOre in race for more nickelMOVERSMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- May 16, 2007
- Author:
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Brett Foley
International Herald Tribune
05-16-2007
Xstrata increased its offer for LionOre Mining International by 35 percent to 6.2 billion Canadian dollars Tuesday to beat a counterproposal from GMK Norilsk Nickel. A successful takeover would make Xstrata one of the world's largest nickel producers.Xstrata bid 25 dollars a share, or $22.77, up from 18.50 dollars, the Swiss company said. The offer is 16 percent higher than the 21.50 dollars Norilsk offered this month. Shares of LionOre, which has mines in Australia, South Africa and Botswana, traded at the equivalent of 24.72 dollars in London.The contest for the Toronto-based LionOre is the second time in a year that Xstrata has tried ...