Xstrata invites LionOre to think for another two weeks
Swiss Xstrata Plc did not change the terms of its takeover offer for Canadian nickel mining company LionOre Mining International, but extended its validity from May 25 to June 7, after another bidder, Norilsk Nickel, also vying for the asset, improved its offer. Xstrata offers $5.6 billion for the Canadian company. Norilsk Nickel's offer is $6.3 billion (initially the company offered $4.8 billion for LionOre). Last Friday, the board of directors of LionOre for the second time recognized the takeover offer from Norilsk Nickel as “more profitable.” It is valid until June 18, 2007.
